Bank of Maldives (BML) has reported MVR 357 million as profit after tax in the first quarter of 2021, up 23% on the same period last year.
BML’s performance this quarter reflects good recovery in all its core business lines from the unforeseen impact of the COVID-19 pandemic last year.
Moreover, Operating Profit for the quarter was MVR 537 million, up 25% on the same period last year. This was driven by solid business volumes across all key sectors. Capital and liquidity remains solid and well above regulatory requirements, according to BML.
BML’s network expansion and community investment program continued during the quarter with new Self-Service Banking Centres opened in K. Guraidhoo and M. Muli. Further, five Community Fund projects were awarded as part of its wider initiatives to support the community.
BML’s CEO and Managing Director, Tim Sawyer commented on the good financial performance during quarter one, “We are seeing encouraging signs of recovery post-Covid with good performance from key business lines including card income. While we continue to be cautious in our outlook for the year, we look forward to supporting our customers and communities with investments in network expansion as well as new products and services.”
BML currently has a nationwide network of 35 branches across all 20 atolls, 71 Self Service Banking Centres, 132 ATMs, over 200 agents and a full suite of Digital Banking services.