Connect with us

Business

BML posts Q2 net profit of over MVR 550M

FI

Published

9 months ago

on

Bank of Maldives (BML) has posted a net profit after tax of over MVR 550 million for the second quarter of the year.

The national bank’s Q2 financial results, released on Monday, shows the bank generated a revenue of MVR 1.06 billion.

The bank generated an operating profit of MVR 678 million – up 15 percent compared to Q2 2022.

BML posted a net profit after tax of MVR 552 million – up 55 percent compared to last year.

The bank attributed the increase to solid performances across all core business lines.

Despite the higher profits, the bank noted that capital adequacy and liquidity ratios are significantly higher than regulatory requirements.

During Q2, BML introduced its digital banking assistant, “Aaya”, as part of its commitment to enhance customer experience; introduced Two Factor Authentication (2FA) for internet and mobile banking logins, and a self-service ‘Kill Switch’ to disable access to internet banking and cards in emergencies.

BML’s CEO and Managing Director Karl Stumke said he was pleased with the results.

“We are pleased with the positive first half results which gives us the financial platform to continue to invest in the communities we serve. We will work hard to continue the positive momentum throughout the rest of the year,” he said.

In May, BML partnered with American Express to launch the year-long destination campaign ‘Experience Maldives’ offering unique, authentic experiences for American Express Card members.

The bank also opened new Self-Service Banking ATM centers in Maafaru and Miladhoo.

Q2 also saw the bank hold its Annual General Meeting, during which shareholders approved a total dividend payout of MVR 215 million, with MVR 40 per share.

BML boats a nationwide network of 38 branches across all 20 atolls, 87 self-service banking centers, 143 ATMs, over 200 agents, and a full suite of digital banking services.

BML states it remains committed to supporting individuals, businesses and communities across Maldives.

Source(s): sun.mv

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Business

MIB signs an agreement to expedite business registration process

FI

Published

2 hours ago

on

04/05/2024

By

Ministry of Economic Development and Trade and the Maldives Islamic Bank (MIB) has entered an agreement, aiming to expedite and streamline the registering services for businesses. The agreement was signed to enhance the quality of services, ensure information security, and facilitate an efficient registration process.

Following the signing of the agreement, Minister of Economic Development and Trade Mohamed Saeed disclosed that customer data can be readily verified with the assistance of the ministry’s Application Programming Interface (API). The minister stated that this would enable businesses to set up bank accounts in a convenient manner. Regarding this, Registrar of Companies Mariyam Waheed underscored the pivotal role API will play in authenticating businesses to customers and expediting in the verification process.

This initiative will significantly benefit individuals accessing online services from the ministry, fostering economic development within the nation. This marks the first agreement of its kind signed by the ministry.

Continue Reading

Business

MTCC reports staggering 82.9% net profit drop

FI

Published

3 days ago

on

01/05/2024

By

Maldives Transport and Contracting Company (MTCC) has reported a staggering 82.9% net profit decline for Q1-2024.

According to MTCC, it earned just MVR 5.2 million in net profit for the review quarter, which came down from MVR 30.8 million in the last quarter of 2023.

The company’s revenue for Q1-2024 stood at MVR 664.4 million, which is a 15.8% drop from MVR 789.2 million generated in the Q4-2023.

Moreover, MTCC reported a whopping 94.5% decline in its Gross Profit for the review quarter, registering MVR 2.5 million in Q1-2024 compared to MVR 44.3 million.

The operating profit for the review quarter stood at MVR 41.8 million, which is a 26% drop from MVR 56.5 million in Q3-2023.

The net asset value per share dropped from MVR 227.95 in Q4-2023 to MVR 226.98 to Q1-2024, while earnings per share saw a notable decline from MVR 3.83 in the preceding quarter to just MVR 0.65 in the review quarter.

Source(s): sun.mv

Continue Reading

Business

STO opens showroom in Hulhumale’

FI

Published

1 week ago

on

24/04/2024

By

State Trading Organization (STO) has opened a showroom specialized for construction in Hulhumale’.

The showroom was inaugurated by Construction Minister Dr. Abdulla Muthalib during a special ceremony held on Tuesday night.

Speaking at the ceremony, STO’s Managing Director Shimad Ibrahim stressed the role of the company’s former managements and board members in carrying forward the company and therefore extended them gratitude.

Situated at the same location as STO’s Hulhumale’ shop – next to STO’s Smart Store near Hulhuamle’ Hospital – the construction solutions showroom was opened following renovations up to modern standards.

STO reports that all construction-related products sold by the company will be available at the showroom including some of the most renowned brands sold by the company; Makita tools, Nippon paint and concrete from prominent mix designing brands among others.

The state-owned company is prominent in the local construction industry as STO’s constructions solutions is the largest importer and seller of construction-related products in the Maldives.

STO noted that customers can now place orders for construction-related products including Makita tools and Nippon paint via the Hulhumale’ showroom which would eliminate the need to travel to Male’ to make the purchases. Arrangements have been made in the showroom to prepare the colors of Nippon paint ordered by the customers on demand.

Henceforth, they attributed the opening of the new showroom as something which would bring easements to the lives of Hulhumale’ residents and construction industry partners operating in the suburb.

Source(s): sun.mv

Continue Reading

Trending