Bank of Maldives Announces Q3 Results with a Strong Financial Performance

Bank of Maldives posted its financial performance for the third quarter of 2022 with a Net Profit After Tax of MVR 367 million and an Operating Profit of MVR 694 million, a 17% increase over the previous quarter.

Business volumes across all key sectors were robust whilst maintaining a quality loan portfolio. Capital and liquidity ratios are well above regulatory requirements and the Bank expects to close the year strongly.

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The Bank continues to support local communities and opened two new Self Service Banking Centres in H.A Filladhoo and Vashafaru. Celebrating its 40th Anniversary, the Bank continued its 12 high impact monthly community initiatives by announcing its commitment to establish a dedicated Oncology Ward at Indira Gandhi Memorial Hospital (IGMH), supporting the upgrade of the National Museum and its Sports Scholarship program.

Commenting on the results, the CEO, Karl Stumke, said, “This quarter’s financial performance is 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.

With a nationwide network of 35 branches across all 20 atolls, 82 Self Service Banking Centre’s, 140 ATMs, 7,900 Point of Sale merchants, over 200 agents and a full suite of Digital Banking services, Bank of Maldives is committed to supporting individuals, businesses and communities across the Maldives.

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