Bank of Maldives PLC. (BML’s) profits in last quarter of 2018 after tax deduction is a total of MVR 277 million.

A statement released by BML showed that the fourth and last quarter of 2018 brought three per cent increase in profits from the third quarter.

While there were various expenses at the bank last year, BML noted a profitable income and declared that 2018 was a successful year. The statement by BML announced that various efforts were taken to expand services last year. As such, notable efforts include increasing operational expenses. In addition to that, the bank also increased the amount that needs to held in accounts as loan provisions under the newly implemented Accounting Standard IFRS 9. BML also highlighted that the bank increased social aid to local communities under the “Aharenge Bank” program last year.

BML’s statement noted that the bank has not yet published results of the full year 2018, due to awaiting confirmation from auditors. The bank also estimated that the final year results would likely exceed expectations.

The Deputy CEO of BML Ms. Aishath Noordeen said that the secret to the success of the bank are employees that conduct their work all across Maldives. She noted the various achievement last year  at the bank such as financial success, expansion of business, social aid programs and the proliferation of the banking network.