BML announces MVR 205 million net profit

The Bank of Maldives (BML) has announced a net profit of MVR 205 million for the third quarter of 2014.

This is an increase of 105 percent when compared with the previous quarter.

The bank said that most of its income lines increased in the third quarter, while costs were well-controlled and the quality of its loan book continued to improve.

Commenting on the results, CEO and Managing Director Andrew Healy stated, “The Bank continues to move in the right direction across most key yardsticks. Financial performance is solid. During the quarter we demonstrated our commitment to step up financial inclusion as we launched point-of-sale cash withdrawal services in nine islands which previously had no banking facilities – this figure will rise to 50 islands by year end. And we took some important steps to modernize BML and improve customer service through the introduction of new technology systems.”

Elaborating on the implementation of the Bank’s new Core Banking System in August, Healy continued, “This is very important technology which gives the Bank much greater flexibility in terms of the services we can provide to customers. I would like to say thank you to our customers for your patience as we moved from one system to another. We are confident you will see the benefits of the changes we have made moving forward.”