BML records MVR 367 million as net profit in Q3

Bank of Maldives (BML) headquarters in Male' City. (File Photo)

The national bank, Bank of Maldives (BML) has announced a profit after tax of 367 million for the third quarter of this year.

BML posted its Q3 2022 financial performance Sunday.

According to the bank, it generated an operating profit of MVR 694 million in Q3 – a 17 percent increase compared to Q2.

BML said that business volumes across all key sectors were robust whilst maintaining a quality loan portfolio, while capital and liquidity ratios are well above regulatory requirements.

 BML said it expects to close the year strongly.

The bank continues to support local communities and opened two new self-service Banking centers in HA. Filladhoo and HA. Vashafaru. As part of the BML’s celebrations for its 40th anniversary, the bank continued its 12 high impact monthly community initiatives by pledging to establish a dedicated oncology ward at Indira Gandhi Memorial Hospital (IGMH), supporting the upgrade of the national museum and launching its sports scholarship program.

BML’s CEO Karl Stumke said the financial performance for Q3 was encouraging, with all core business lines performing well.

“We will work harder to meet our customers’ expectations and continue to support the people of the Maldives by seeking to be their bank of choice. We look forward to a strong end to the year and I would like to thank our customers for their loyalty and support, the Board of Directors for their guidance and oversight and our hardworking team for their continued commitment and dedication,” he said.

BML has a nationwide network of 35 branches across all 20 atolls, 82 self-service banking centerss, 140 ATMs, 7,900 point of sale merchants, over 200 agents and a full suite of digital banking services.

 The bank said it remains committed to supporting individuals, businesses and communities across the Maldives.