Bank of Maldives (BML) has recorded MVR 554 million in profit after tax for the first quarter of 2022.

BML's operating profit in first quarter of 2022 amounted to MVR 612 million - a 10% increase compared to the previous quarter and 14% increase compared to first quarter in 2021. BML's profit after tax at MVR 554 million shows an 18% increase compared to Q4 2021 and a 55% increase compared to Q1 in 2021.

BML attributed profit to the strong performance in all business lines as well as continuous improvement in loan book quality. BML's capital adequacy ratios and liquidity position remained solid and above regulatory requirements as per the quarterly report.

The Q1 2022 report also highlighted the expansion of banking services across the country, with Self Service Banking introduced in 4 islands during the quarter as part of BML's ongoing investment program to support local communities.