Bank of Maldives (BML) has generated USD33 million in net profit in the first quarter of 2023.
The quarterly report shows that BML generated a higher net profit compared to the USD23 million net profit reported in the fourth quarter of 2022. It also shows that the bank generated USD71 million in revenue in the first quarter, which is an increase compared to the USD64 million generated in the first quarter of 2022.
Additionally, BML reported operating expenses of USD10 million in the first quarter of 2023, which is a decrease compared to the USD16 million reported in the last quarter. The profit after tax amounted to USD33 million in the first quarter of 2023, which is an increase compared to the USD23 million reported in the last quarter.
Furthermore, BML stated that it published its audited financials for 2022 in March with solid balance sheet growth and profits, adding that the bank has continued its solid financial performance in the first quarter of 2023. As such total assets grew by USD91 million, while customer deposits grew by over USD52 million, and operating profits closed at USD44 million, 9% up on the same quarter last year.
BML also stated that it continued lending to Maldivian businesses and individuals with new lending of over USD65 million during the quarter. The bank added that capital and liquidity ratios remain strong and above the regulatory requirements.