BML suffers MVR 362 million loss in Q4 2020

Bank of Maldives (BML) suffered a loss of MVR 362 million in the last quarter of 2020 due to the COVID-19 pandemic.

The Q4 financial records released by BML show the bank earned MVR 728 million as revenue during the last quarter, and annual revenue of MVR 2.6 billion in 2020.

The annual revenue in 2020 is lower than the MVR 2.7 billion the bank earned in 2019.

BML generated MVR 329 million as profit in 2020, less than a quarter of the MVR 1 billion the bank generated as profit in 2019.

BML attributed the loss it sustained in Q4 to the continued economic impact of the COVID-19 pandemic.

The bank issued MVR 3 billion in COVID-19 relief loans to businesses in 2020.