BML generates MVR 528M in profits in first two quarters of 2019

Bank of Maldives (BML) has announced a profit after tax of MVR 528 million at the end of the first two quarters of 2019.

The bank released its Q2 quarterly report this Thursday.

The quarterly report shows the bank generated a profit before tax of MVR 724 million within the first two quarters of 2019 – a five percent increase compared to the same period in 2018.

The bank earned MVR 528 million as profit after tax deductions.

According to the bank, it incurred higher funding costs but continued to perform positive financially due to strong business volumes across all key business segments.

“Despite higher funding costs, solid business volumes across all key business segments together with a robust loan book saw this outturn beat expectations. Capital and liquidity ratios finished the period well above regulatory requirements,” reports BML.

The bank reports it ran over 50 community initiatives with projects and donations to charitable, educational, sports and environmental causes under its MVR 300 million investment program over the first two quarters of 2019.

BML Islamic, earlier this year, expanded its product portfolio by introducing a complete range of Sharia compliant business financing products. The bank says BML Islamic now has Sharia-compliant alternatives to all of its conventional products.

The bank also expanded its network by opening its first dedicated business center in Addu City and opening a new branch and self-service banking center in R. Ungoofaaru.

The bank recently hired a new CEO; Timothy Sawyer. Sawyer previously served as Chief Investment Officer at Innovate UK, and has over 30 years of international experience in financial services, including 20 years at Executive and Board level.