Bank of Maldives (BML) on Monday, reported the national bank generated an operating profit of MVR 708 million for Q1-2024, up 5.7% on the same period last year.
The bank saw good business volumes across key sectors during the quarter, and loan book quality continued to improve with MVR 967 million in new loans to individuals and businesses during the period. Capital and liquidity remain solid and well above regulatory requirements, BML added.
Total assets at the end of the review quarter stood at MVR 46.3 million.
The bank’s network expansion and community investment program continued during Q1-2024 with new self-service banking centers opened in Hulhumale’ Phase 2, K. Gulhi, and V. Keyodhoo.
In January 2024, the bank further reduced its student Kiyavaa Loan and Education Financing rate to 2.5%.
“We had a strong start to the year. Despite the subdued economic environment, we maintained solid business momentum, achieved net profit of MVR 493 million,” BML’s CEO and Managing Director Karl Stumke said.
“As we continue to implement our strategy, I am happy to report on the good progress we have made on our strategic initiatives including the launch of our instant approval for personal loan and financing as well as our continued expansion of our network footprint.”
BML boasts a nationwide network of 38 branches and service centers, 86 self-service banking centers, 142 ATMs, over 200 agents and a full suite of digital banking services.