Record Performance and Investments in Communities by BML

Bank of Maldives has recorded its best-ever performance in2021 and has reaffirmed its commitment to invest in supporting local communities. The unaudited figures for the full year have shown a record Profit After Tax (PAT) of MVR1.7billion. This reflects strong post-COVID-19 recovery with a better-than-expected performance from all business lines and considers the significant one-off recovery recorded in the third quarter.

Commenting on the results, CEO & Managing Director, Tim Sawyer said “Last year’s performance has resulted in the best year for the Bank. Despite operating in a challenging environment, the solid business performance in 2021continued with tireless commitment from our teams across the country. Our loan book quality remained robust and the non-performing loan ratio saw further improvement at2.5%. We continued to lend to individuals and businesses during the year with over MVR 3.3 billion in new lending.”

“The financial results further reinforce the commitment in our strategy to grow the Bank in a prudent, sustainable manner that meets the expectations of our stakeholders. As a direct result of our performance, the state, as the Bank’s largest shareholder, will also see positive returns that will further support the local economy.”

The total asset value of the bank grew by almost MVR 7.6 billion and customers' deposits by MVR 5.3 billion. The capital and liquidity ratios remain solid and well above regulatory requirements.

Since the Bank is marking such a big milestone, its 40^th anniversary in November of 2022, they have launched a series of monthly initiatives as a way of supporting and appreciating customers, communities, and colleagues. The Initiatives announced so far include the BML Scholarship Fund, the upgrade, and refurbishment of the National Library, and the launch of BML Startup Grant Fund.