Bank of Maldives (BML) has received over USD 23.6 million as Profit Before Tax for the third quarter of 2018. BML recorded a positive outcome for the third quarter of the year, according to statistics.
Statistics showed Profit Before Tax in the third quarter was an increase of 10% compared to the first quarter and 11% ahead of the same period last year. In this regard, year to date Profit Before Tax was recorded at over USD 68.1 million which is up 14% on the equivalent period in 2017.
Noting higher funding costs continued during the period, BML said solid business volumes across all key business segments together with low levels of non-performing loans resulted in an outturn that beat expectations. In this regard, BML stated up to date, Operating Profit stood up 9% on the equivalent period in 2017 while provisions for bad and doubtful loans are down USD 2.58 million as the Bank's loan book quality has continued its improving trend.