The Bank of Maldives has recorded it’s best-ever performance in 2021, with a record Profit After Tax (PAT) of MVR 1.7 billion.
The country’s national bank revealed that unaudited figures for the full year of 2021 showed a record PAT of MVR 1.7 billion which mirrored the strong post-Covid recovery with a performance which was better than expected, from all business lines.
BML also stated that it takes into account, the important one-off recovery recorded in the third quarter.
With this, BML expressed commitment to continue investing in supporting local communities.
Last year’s performance has resulted in the best ever year for the Bank. Despite operating in a challenging environment, the solid business performance in 2021 continued with tireless commitment from our teams across the country. Our loan book quality remained robust and the non-performing loan ratio saw further improvement at 2.5%. We continued to lend to individuals and businesses during the year with over MVR 3.3 billion in new lending.”Tim Sawyer, CEO and Managing Director of BML.
Sawyer, the bank’s CEO and Managing Director revealed that the financial results further reinforce the commitment in BML’s strategy to grow the bank in a “prudent”, “sustainable” manner that meets the expectations of stakeholders.
He stated that the bank will also see positive return that will further support the local economy.
During 2021, BML grew its total assets by nearly MVR 7.6 billion and customer deposits by MVR 5.3 billion, with capital and liquidity ratios remaining solid and “well above” regulatory requirements.
A series of monthly initiatives was announced as a way of supporting and appreciating customers, communities and colleagues as the country’s national bank marks the significant milestone of its 40th anniversary in November 2022.
So far, initiative announced include the ‘BML Scholarship Fund’, the upgrade and refurbishment of the National Library and launching of ‘BML Startup Grant Fund’.
