Record profit for Bank of Maldives
The state-owned infrastructure developer meanwhile posted a net profit of MVR145 million (US$8.5 million) in 2017.
12 Apr 2018, 9:00 AM
The national bank earned a record profit before tax of MVR1.4 billion (US$91 million) last year, according to its annual report released Thursday.
The Bank of Maldives “recorded its best ever financial performance while simultaneously doubling its investment in local communities,” the bank said in a press statement, with annual profit up four percent from the previous year.
Business volumes and “further improvement in loan book quality” helped offset higher costs and lower margins in some segments, it added, revealing new lending worth MVR4.4 billion in 2017. A deposits increase of 15 percent was above market growth levels whilst “capital and liquidity ratios were comfortably in excess of regulatory requirements.”
Buoyed by the “robust financial position”, the BML board of directors recommended a dividend payout of MVR118.4 million or MVR22 per share.
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