BML Makes MVR 329 Million Profit in 2020

Bank of Maldives has earned a profit of MVR 329 million in 2020, according to its own statistics.

In a report published by BML about the last quarter of 2020, the Bank has earned a profit of MVR 329 million after taxes. The Bank noted that this had been a 60% reduction from 2019, and they said that this was because of the economic downturn caused by the COVID-19 pandemic.

Although the Bank had earned a reduced profit, their assets had increased by MVR 5 billion. Customers had deposited a total sum of MVR 4.6 billion with the bank.

While BML loaned out MVR 3 billion in the previous year, the Bank had maintained a capital and liquidity ratio higher than the minimum mandated by law.