Bank of Maldives has recorded its best-ever performance in 2021 and has reaffirmed its commitment to invest in supporting local communities. Unaudited figures for the full year showed a record Profit After Tax (PAT) of MVR 1.7 billion. This reflects strong post COVID-19 recovery with better-than-expected performance from all business lines and takes into account the significant one-off recovery recorded in the third quarter.
Commenting on the results, CEO & Managing Director, Tim Sawyer said “Last year’s performance has resulted in the best ever year for the Bank. Despite operating in a challenging environment, the solid business performance in 2021 continued with tireless commitment from our teams across the country. Our loan book quality remained robust and the non-performing loan ratio saw further improvement at 2.5%. We continued to lend to individuals and businesses during the year with over MVR 3.3 billion in new lending.”
“The financial results further reinforce the commitment in our strategy to grow the Bank in a prudent, sustainable manner that meets the expectations of our stakeholders. As a direct result of our performance, the state, as the Bank’s largest shareholder, will also see positive returns that will further support the local economy.”
The Bank grew it’s total assets by almost MVR 7.6 billion and customer deposits by MVR 5.3 billion for the year. Capital and liquidity ratios remain solid and well above regulatory requirements. As the Bank marks the significant milestone of its 40th anniversary in November 2022, a series of monthly initiatives was announced as a way of supporting and appreciating customers, communities and colleagues. Initiatives announced so far include, the BML Scholarship Fund, the upgrade and refurbishment of the National Library and launch of BML Startup Grant Fund.
