Bank of Maldives (BML) has announced the bank recorded a net profit of USD 62.38 million in 2019.
BML has publicised the financial details of the fiscal year 2019 and a statement released by the bank marked the year 2019 a successful year for the bank following a continued growth during the year.
The last year saw an increase of 2% in operational profits as compared to the year 2018 and recorded a profit of USD 62.38 million after tax. The bank remarked that in spite of increased funding for loans, management expenses and provision charges, it was able to add USD 3 million to its balance sheet from across all key business segments.
BML opened business centres in Male' and Hulhumale' to assist customers in operations and offered users easy transaction options. The public bank also set up a branch in Velidhoo, Noonu Atoll, as part of its expansion projects.
The public bank recorded USD 13.55 million in the fourth quarter after tax deductions. As the bank has over USD 31.84 million in assets, the assets and liquidity rations remain above rates set in banking laws.
CEO and Managing Director of BML Tim Sawyer said the bank aims to work to achieve its goals for the year 2020 while it intends to invest in using new technology in customer service considering the demand. CEO Sawyer also stated the bank will establish additional self-service banking centres, an account opening centre and a loan centre to provide better service to customers. He also assured positive revisions to individual loans, business loans and other financing products the bank offers.
Bank of Maldives currently operates 51 Self Service Banking Centres in 38 branches across 20 atolls in the country. The bank has 115 ATMs installed and 277 cash agents contracted.
BML envisions to support local businesses in all parts of the country with technology friendly contemporary services.