Bank of Maldives (BML) earned a net profit after tax of MVR 1.93 billion in the first nine months of this year, the highest profit the bank has ever recorded for a nine-month period.
According to BML's financial report for the third quarter of the year, the figure is a 26 percent increase on the MVR 1.53 billion it earned in the same period last year. In the third quarter alone, the bank posted a net profit of MVR 647.2 million.
The bank's financial position continues to strengthen, with its capital adequacy ratio standing at 38 percent, more than three times the regulatory requirement. New lending in the first nine months reached a record MVR 12.1 billion, while customer deposits rose to MVR 42.36 billion.
BML said that despite global financial challenges, the result was driven by increased lending to key sectors of the economy, a broader deposit base and growth in digital transactions.
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