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23rd March 2020

Ready to Support The Local Economy on the back of Strong Financial Performance

English Dhivehi
23rd March 2020

Ready to Support The Local Economy on the back of Strong Financial Performance

Profit After Tax was MVR 1.04 billion, down by 5% as anticipated compared to 2018 due to higher funding costs and provision charges. Despite this, the year resulted in an Operating Profit of MVR 1.7 billion, up 9% on the previous year. Total assets grew by MVR 3.3 billion, up 14% versus 2018 and the Bank’s capital position remain well in excess of regulatory requirements with a Capital Adequacy Ratio of over 40%.

Commenting on the annual results, BML CEO and Managing Director Tim Sawyer noted, “We’re in the midst of a global crisis that has severely affected the bank and the wider economy. We’re continuing to work with the government to address challenges faced by businesses through targeted measures to help cushion the impact. Our utmost priority is to protect our staff and customers, and we will together get through these challenging times.”

Regarding the Bank’s Shari’ah compliant banking business, Tim commented, “Over the past year, we further enhanced our reach with new branches and ATMs in the atolls and established Cash Agents to provide deposit and payment services to communities. We also opened a new modern headquarters for BML Islamic in Male’ to cater for the growing customer base. Importantly, we now have additional Shari’ah-compliant products to match almost all our conventional products for both personal and business customers.”

On the Bank’s strategic plan and future direction, Tim noted, “Digitalization will be a core component of our strategy and we will see further investment in customer service, risk management and technology. We will continue to work hard as a responsible business to focus on our risk and compliance policies to strengthen our strong governance framework.”

With a nationwide network of 38 branches across all 20 atolls, 51 Self Service Banking Centres, 115 ATMs, 277 agents and a full suite of Digital Banking services, Bank of Maldives is committed to supporting individuals, businesses and communities across Maldives.


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