Bank of Maldives said it facilitated USD 106.2 million in Telegraphic Transfers in the first quarter, with monthly averages rising to USD 35.4 million, and reported a net profit of MVR 631 million, up 27% year-on-year. CEO Mohamed Shareef disclosed the figures at a press briefing on the bank's operational and financial performance.
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According to Shareef, BML processed USD 106.2 million in TTs over the three-month period, marking a substantial rise compared to 2023 levels.
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Monthly TT volumes climbed significantly from an average of USD 14.6 million last year to USD 35.4 million in the first quarter, underscoring growing demand for foreign currency amid expanding commercial activity.
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Monthly TT volumes climbed significantly from an average of USD 14.6 million last year to USD 35.4 million in the first quarter, underscoring growing demand for foreign currency amid expanding commercial activity.
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Shareef revealed that the bank facilitated USD 27 million across 7,200 transactions so far this month.
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Shareef revealed that the bank facilitated USD 27 million across 7,200 transactions so far this month.
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Within just two days, Sunday and Monday, BML processed USD 2 million through 615 TTs, with additional transactions expected to follow.
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Within just two days, Sunday and Monday, BML processed USD 2 million through 615 TTs, with additional transactions expected to follow.
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Monthly averages rose from USD 32.5 million in 2023 to USD 40 million during the first quarter, indicating higher outbound spending by customers.
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Monthly averages rose from USD 32.5 million in 2023 to USD 40 million during the first quarter, indicating higher outbound spending by customers.
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BML reported strong profitability, posting a net profit of MVR 631 million for the quarter, a 27% increase year-on-year.
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Earlier reports gave MVR 2.5 billion 25 Mar, 07:27 The StandardMVR 475 million 2 Nov, 13:11 The Standard
BML reported strong profitability, posting a net profit of MVR 631 million for the quarter, a 27% increase year-on-year.
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Total revenue reached MVR 1.24 billion, while operational efficiency improved, with the cost-to-income ratio declining to 24% from 25% a year earlier.
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Earlier reports gave MVR 15.5 billion 31 Jan, 21:32 Maldives RepublicMVR 3.6 billion 31 Jul, 14:30 Maldives Republic
Total revenue reached MVR 1.24 billion, while operational efficiency improved, with the cost-to-income ratio declining to 24% from 25% a year earlier.
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Total revenue reached MVR 1.24 billion, while operational efficiency improved, with the cost-to-income ratio declining to 24% from 25% a year earlier.
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Chief Executive Officer and Managing Director Mohamed Shareef disclosed the figures during a press briefing outlining the bank's latest operational and financial performance.
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