Bank of Maldives BML has today posted its financial performance for quarter 3 of 2020 with a Profit after Tax of MVR 259 million.

In a statement, BML said that this performance is not expected to continue into the next quarter or be reflected in the full-year financials.

BML said despite tight liquidity due to Covid-19, the Bank continued to support impacted sectors to combat the financial and economic shocks facing businesses with new loans of over MVR 2.2 billion.

It said that the Bank’s liquidity and capital ratios remain very strong and well above regulatory limits.

BML said that the quarter saw several measures extended to continue mitigating the risks of Covid-19.

The loan and financing moratorium for personal and business customers was extended by a further three months to provide support in easing the liquidity stress of impacted customers.

BML said that it continued to administer funds for the government’s Covid-19 Recovery Scheme for businesses.

The bank noted that it had signed a USD 5 million financing facility with International Islamic Trade FinanceCorporation (ITFC) and secured a facility of up to USD 50 million with International FinanceCorporation to support SMEs and resort sector recover from the effects of the pandemic.

BML noted that in the last quarter it had opened a new Self Service Banking ATM was opened in A. Dh. Maamigili.

In addition, ATMs in HA Dhidhdhoo and S. Hulhumeedhoo branch were upgraded to modern Self Service ATMs.

While the quarter’s performance was strong, we expect higher provision charges for the remainder of the year and another challenging quarter ahead. Nevertheless, we will continue to invest in our communities, roll out product changes to benefit our customers, work to meet our customers’ service expectations, and continue to remain alongside the people as Dhivehinge Bank
Tim Sawyer, BML's CEO and Managing Director

BML had also continued its investment in the community, supporting initiatives in the areas of education, sports, environment, and community development.