The Bank of Maldives (BML) has reported a net profit of MVR 481 million for the third quarter of the current fiscal year. This figure represents a 12% decrease from the previous quarter, where the net profit was MVR 551 million.
Operating profit for the third quarter stood at MVR 660 million, with a profit before tax deduction of MVR 659 million.
During this quarter, BML issued new loans amounting to MVR 1.1 billion, ensuring compliance with legal requirements for the bank’s capital-liquidity ratio.
CEO and Managing Director Karl Stumke commented on the third-quarter financial results, stating, “We expect to maintain the positive momentum and close the year strongly. Our business volumes are growing steadily and despite inflationary pressures, we were able to maintain the operating cost at the same level as previous quarters. We are working hard to meet customer expectations and become the bank of choice. As we pursue our goal, I would like to thank our customers for their continued loyalty, and our team, for their unwavering commitment.”
The Bank of Maldives operates with 38 branches, 87 self-service banking centres, 143 ATMs, over 200 cash agents, and state-of-the-art online banking services in 20 atolls.