Bank of Maldives records MVR 1.48 billion Net Profit in 2022
The Bank has recorded a gross revenue of MVR 3.9 billion in 2022, with MVR 2.3 billion from Interest income and MVR 1.3 billion from Fees and Commission income.
Bank of Maldives
Bank of Maldives has reported a Net Profit After Tax of MVR 212 million and an Operating Profit of MVR 489 million for the final quarter of 2022, as per published fourth quarter 2022 financials.
The Net Profit After Tax for the year, unaudited, is at MVR 1.48 billion with a yearly increase in underlying earnings. Assets rose by nearly MVR 3 billion and customer deposits increased by MVR 1.8 billion. In 2022, the bank approved MVR 4.3 billion in new loans to customers and saw an improvement in loan quality. Capital and liquidity ratios are still significantly higher than regulatory standards.
The Bank has recorded a gross revenue of MVR 3.9 billion in 2022, with MVR 2.3 billion from Interest income and MVR 1.3 billion from Fees and Commission income. BML is expected to pay MVR 550 million as bank profit tax to the government.
“The year 2022 was a special year as the Bank celebrated its 40th anniversary. We implemented 12 high impact monthly community initiatives to benefit communities, customers and colleagues over the year which saw the launch of initiatives in a wide range of sector including education, environment and health.”
With a nationwide network of 38 branches across all 20 atolls, 84 Self Service Banking Centres, 142 ATMs, 277 agents and a full suite of Digital Banking services, Bank of Maldives is committed to supporting individuals, businesses and communities across Maldives.
