BML announces a profit of MVR 277M for Q4 of 2018

National bank, Bank of Maldives (BML) has announced a profit of MVR 277 million during the last quarter of 2018.

Financial statistics released by the bank show it generated 3 percent more profit in Q4 compared to Q3.

BML reports the company generated a good profit from all its major operations despite an increase in its expenses, increase in loan provision amount with implementation of Accounting Standard IFRS 9, and increased spending on CSR projects.

The quantity of loans issued by BML increased in 2018, and the year was a successful business year for the company, reports BML.

BML is yet to release its numbers for the entire year due to ongoing auditing, but the bank expressed confidence in a good financial performance throughout the year.

Deputy CEO of BML, Aishath Nooruddin credited the bank’s favorable performance to the hard work of all its employees.

She also noted the financial success of the bank, expansion of services, an increase in CSR projects by the bank in 2018.