The Bank of Maldives (BML) continued its growth streak well into the final quarter of 2019, posting strong profit after tax of MVR209 million.
According to a press release from the country's national bank, the solid growth was attributed by strong business volumes which were achieved across all key business segments.
During the final quarter the total assets of BML grew by MVR491 million while the capital and liquidity ratios finished well above the regulatory requirements.
Moreover, the unaudited figures for the entire fiscal year of 2019 shows an increase of 2% in operating profit compared to the year before, while a modest growth in the business was observed.
However, despite ending the year of 2019 on a winning note the bank's profit after tax was slightly lower than expected at MVR962 million, in annual terms, due to higher funding costs and provision charges.
"With renewed focus on delivering on our strategy, we will continue to invest in technology and facilities to improve customer experience and convenience to meet the high service expectations of our gorwing customer base," the bank's CEO and Managing Director Tim Sawyer commented.
"This quarter will see more Self Service Banking Centers, a new Account Opening and Loan Center, as well as enhancements to our loan and financing products for both personal and business customers," he added.
BML, during the final quarter of 2019, increased their support for business by opening new dedicated business centers in Male' and Hulhumale' while introducing a multichannel payment solution for its growing merchant base.
Moreover, the bank expanded its corporate footprint during the final quarter with a new branch opened at Noonu atoll Velidhoo.
