Bank of Maldives (BML) has released its annual report for 2018, which reflects a very strong year for the national bank as it recorded its best ever financial performance resulting from solid business growth across most core business sectors and prudent loan book management.
Profit Before Tax was at USD 103.559 million, an increase of 13% on 2017, a particularly positive result achieved notwithstanding the higher funding costs and unlike in the previous year, performance did not benefit from any one-off gains. Profit After Tax has now surpassed the USD 64.725 million threshold for the past three consecutive years.
In 2018, the BML continued its investment program to support individuals, businesses and communities, with a spend of 20 million US dollars. More than 110 projects supporting charitable, educational, sports and environmental causes across the country were supported.
The bank also opened 4 new branches as well as 5 new Self Service Banking Centres in the atolls and piloted its cash deposit and loan repayment services through its agents. The nationwide network of BML agents increased in 2018 from 230 to 277.