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BML records MVR 367 million as net profit in Third Quarter

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2 years ago

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The national bank, Bank of Maldives (BML) has announced a profit after tax of 367 million for the third quarter of this year.BML posted its Q3 2022 financial performance Sunday. According to the bank, it generated an operating profit of MVR 694 million in Q3 – a 17 percent increase compared to Q2.

BML said that business volumes across all key sectors were robust whilst maintaining a quality loan portfolio, while capital and liquidity ratios are well above regulatory requirements. BML said it expects to close the year strongly.

The bank continues to support local communities and opened two new self-service Banking centers in HA. Filladhoo and HA. Vashafaru. As part of the BML’s celebrations for its 40th anniversary, the bank continued its 12 high impact monthly community initiatives by pledging to establish a dedicated oncology ward at Indira Gandhi Memorial Hospital (IGMH), supporting the upgrade of the national museum and launching its sports scholarship program.

BML’s CEO Karl Stumke said the financial performance for Q3 was encouraging, with all core business lines performing well.

“We will work harder to meet our customers’ expectations and continue to support the people of the Maldives by seeking to be their bank of choice. We look forward to a strong end to the year and I would like to thank our customers for their loyalty and support, the Board of Directors for their guidance and oversight and our hardworking team for their continued commitment and dedication,” he said.

BML has a nationwide network of 35 branches across all 20 atolls, 82 self-service banking centerss, 140 ATMs, 7,900 point of sale merchants, over 200 agents and a full suite of digital banking services. The bank said it remains committed to supporting individuals, businesses and communities across the Maldives.

Source(s): sun.mv

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Business

MIB signs an agreement to expedite business registration process

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Published

8 hours ago

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04/05/2024

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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.

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MTCC reports staggering 82.9% net profit drop

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Published

3 days ago

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01/05/2024

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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

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Business

STO opens showroom in Hulhumale’

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Published

2 weeks ago

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24/04/2024

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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

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