BML posts strong first quarter with MVR 493 million net profit
BML's CEO and Managing Director, Karl Stumke, said, "We had a strong start to the year".
By
Aishath Fareeha Abdulla
The Bank of Maldives (BML) reported a strong start to 2024, recording a net profit of MVR 493 million in the first quarter. This figure reflects a healthy financial performance despite a subdued economic environment.
BML's operating profit for the first three months stood at MVR 708 million, marking a 5.7% increase compared to the same period last year. The bank witnessed growth across key business areas, with MVR 967 million issued in new loans to individuals and businesses.
Maintaining a solid financial position, BML's asset and liquidity ratio remained above regulatory requirements. Total assets at the quarter's end reached MVR 46.3 billion.
Commenting on the results, BML's CEO and Managing Director, Karl Stumke, said, "We had a strong start to the year. Despite the subdued economic environment, we maintained solid business momentum, achieving Net Profit of MVR 493 million."
Stumke further highlighted strategic initiatives like instant loan approvals and the continued expansion of their branch network to better serve the Maldivian community. He expressed satisfaction with the progress made towards achieving their overall strategy.
