BML announces a record profit before tax of MVR 1.6B

Bank of Maldives has announced a profit before tax of MVR 1.6 billion for the year 2018 – the highest profit before tax recorded in the bank’s history.

BML released its audited financial statements and the annual report for the year 2018 this Thursday.

The figures show BML generated MVR 1.6 billion as before tax in 2018 – a 13 percent increase compared to 2017 and the highest profit before tax recorded in the national bank’s history.

The profit after tax of BML in 2018 is MVR 1.09 billion – marking the third consecutive year for the bank to generate a profit after tax exceeding MVR 1 billion.

Deputy CEO and In-Charge of BML, Aishath Noordeen commented that the bank’s strong financial performance can be attributed to overall improvements in all its core business sectors and income sources.

“Further improvements in loan book quality significantly strengthened the bottom line with our ratio of nonperforming to total loans falling to 3.5%. The Bank also adopted the new Accounting Standard IFRS 9 Financial Instruments during the year,” said Aishath.

BML reports it spent MVR 300 million to run over 110 projects to support charitable, education, sports and environmental causes across Maldives under its investment initiative, Aharenge Bank, in 2018.

The bank also opened four new branches as well as five new Self Service Banking Centers in the atolls and piloted its cash deposit and loan repayment services through its agents.

The nationwide network of BML agents increased from 230 to 277 in 2018.

BML reports it has proposed a dividend payout of MVR 129 million at the rate of MVR 24 per share in light of its financial success in 2018.