BML post profit after tax MVR106m in Q2-2020

Bank of Maldives (BML) on 23 July 2020 reports its financial performance for the second quarter of 2020.

According to the bank, its second quarter profit after tax hit MVR106 million.

As such, BML remarks the profit after tax earning is a fall of more than 60% in comparison with first quarter results.

Moreover, the national bank notes this is a “clear reflection of the significant business disruption resulting from the Covid-19 pandemic.”

BML asserts the pandemic’s disruption to business particularly on their card and trade activities.

However, during June cards and trade business of BML saw improvement.

Furthermore BML notes holding adequate levels of liquidity while capital ratios remain strong, despite impact on profitability.

Additionally, the bank took several measures to mitigate risks of Covid-19 during the quarter.

The bank in support of government’s Covid-19 Recovery Scheme, continued to administer funds for resorts and businesses with over MVR10 million turnover.

Moreover, it reports facilitation of MVR564 million to businesses to assist with their operating costs and recovery as of 21 July.

BML in their statement further asserts funding line extension from EIB and IFC will further support local businesses.

During review quarter BML made introduction of self service banking ATM centers in Gaaf Alif Maamendhoo and Nilandhoo.

Further plans were announced to install new ATMs in 04 other islands.

Furthermore, BML opened a new self-service banking center at Maafannu, Male’ City.