Bank of Maldives (BML) has reported solid financial results for the third quarter of the year with an Operating Profit of USD42 million and a Profit After Tax of USD31 million.
The national bank said business volumes across all key sectors were strong during the quarter and the loan book quality continued to improve with over USD71 million worth of new loans disbursed. BML also noted that capital and liquidity ratios are well above regulatory requirements.
Commenting on the results, Chief Executive Officer (CEO) and Managing Director Karl Stumke said BML expects to
maintain the positive momentum and close the year strongly. He said business volumes are growing steadily and despite inflationary pressures, the bank was able to maintain the operating cost at the same level as previous quarters.
During the quarter, BML extended its Home Purchase Loan and Home Purchase Financing tenor to 25 years for all new home buyers, further enhancing the product features while continuing to offer the lowest borrowing rate in the market. As part of the ongoing efforts to enhance security and protect customers from scams, BML introduced device management for the Internet and Mobile Banking to enable monitoring of active online banking sessions.
Furthermore, BML continued to implement its corporate social responsibility initiatives including the announcement of its Community Fund winners, the quarterly staff blood donation drive, the opening of the dedicated oncology ward at Indira Gandhi Memorial Hospital (IGMH) as well as the opening of the upgraded Maldives National Museum.