Bank of Maldives (BML) has revealed the net profit of the bank increased 15% in the third quarter this year, compared to the same period last year.
According to the quarterly report released by BML, the bank generated a profit of USD 16.8 million in the third quarter of 2020, compared to USD 14.5 million in the third quarter of 2019. It is also a significant increase compared to the USD 6.9 million generated in the second quarter of this year. BML said the profits had increased in the third quarter due to the progress made in recovering the economy after the impact of the COVID-19 pandemic.
BML said it had provided assistance to its customers in the third quarter through various means such as loans and moratoriums. As such, the bank revealed working, capital and short-term loans were issued to customers, while moratorium on the repayment of loans were extended a further 3 months.
BML serves over 294,000 customers in the Maldives. There are 37 BML branches and 125 ATMs across 20 atolls in the Maldives.