Bank of Maldives (BML) recorded a net profit of MVR 554 million during the first quarter of 2022.
As per the quarterly financial report of BML, the bank’s operating profit during the first quarter of 2022 amounted to MVR 612 million, up 10% versus the previous quarter, and 14% on the same period last year. The bank’s profit after tax amounted to MVR 554 million, up 18% compared to the previous quarter and 55% higher compared to Q1, 2021.
BML stated strong performances in all business lines as well as reversal of NPA provision have contributed to the strong quarterly performance. BML stated capital and liquidity ratios remain solid and well above regulatory requirements, adding the bank lent over MVR 1 billion to both businesses and individuals by end of the quarter.
BML’s CEO and Managing Director Tim Sawyer said the bank continues to perform well financially, noting solid growth was seen across key business lines despite global uncertainty. He added the bank is in an excellent position to push ahead with its strategy, with further investment in improving customer experience and delivering on its digital banking initiatives.
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