DBM reports MVR 2.3 million loss before launch of operations
According to the report, the bank did not begin core business activities during this period and did not generate revenue.
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The Auditor General’s Office Maldives has reported that the Development Bank of Maldives recorded a net loss of MVR 2.3 million during its first year of operation.
The audit covers the period from 21 July 2024 to 31 December 2024.
According to the report, the bank did not begin core business activities during this period and did not generate revenue. The losses were attributed to establishment and administrative costs.
The report recorded a pre-tax loss of MVR 3 million. After a tax credit of MVR 754,601, the net loss was MVR 2.3 million.
Expenditure during the period included MVR 909,763 on staff salaries and benefits. Office rent accounted for MVR 1.1 million, while MVR 311,300 was spent on remuneration for board members.
Other costs included MVR 340,261 for electricity and MVR 214,483 for travel.
The bank’s share capital stood at MVR 3 million. Following the loss, total equity was reduced to MVR 736,196.
Although the Maldives Monetary Authority granted a banking licence to DBM in January, the bank has not commenced commercial operations.
