The Support from Bank of Maldives

Wednesday 25th of March 2020

The Support from Bank of Maldives

The National Bank of Maldives, following a strong financial year, has stated that it is ready to support the local economy during the current coronavirus pandemic affecting the country's economy.

In 2019, the bank's Profit After Tax was MVR 1.04 billion. The bank had an Operating Profit of MVR 1.7 billion, a 9% increase on the previous year. While total assets grew by MVR 3.3 billion, a 14% rise, the bank's capital position remains well in excess of regulatory requirements with a Capital Adequacy Ratio of over 40%.

BML CEO and Managing Director Tim Sawyer: 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 challenging times.

BML Islamic Bank expanded over the year with new branches and ATMs in the atolls and Cash Agents were also established to provide deposit and payment services to communities. A new modern headquarters for BML Islamic in Male' was opened to cater for the growing customer base. “Importantly, we now have additional Shariah compliant products to match almost all our conventional products for both personal and business customers.”