BML records MVR 1.48B as net profit for 2022

Bank of Maldives has announced a net profit of MVR 1.4 billion for last year.

The national bank publicized its financial performance for the last quarter of 2022 on Monday. As per the report, BML recorded a net profit of MVR 212 million in 2022 Q4, and an operating profit of MVR 489 million during the same period.

BML, in a press release, said their total assets for grew by almost MVR 3 billion last year with customer deposits growing by MVR 1.8 million.

Additionally, the bank recorded MVR 4.3 billion in new loans to businesses and individuals during last year, and continued improvement in the load book quality. The capital and liquidity ratios, as per BML, also remain well above regulatory requirements.

Commenting on the bank’s successful financial performance – its CEO, Managing Director Karl Stumke said the bank is looking forward with a renewed focus on delivering its strategy in the prevailing year.

“Following a solid performance in the fourth quarter of the year, we now look forward with renewed focus on delivering on our strategy in the year ahead. I would like to thank our loyal customers, the Board of Directors and of course, our dedicated team for the great work over the past year,” he said.

Stumke also noted that BML successfully celebrated its 40^th anniversary last year.

“We implemented 12 high impact monthly community initiatives to benefit communities, customers and colleagues over the year which saw the launch of initiatives in a wide range of sector including education, environment and health,” he added.

BML, with a nationwide network of 38 branches in all 20 atolls, 84 self-service banking centres, 142 ATMs, 277 agents and a full suite of digital banking services, says they remain committed to supporting individuals, businesses and communities across Maldives.