The CEO of Bank of Maldives, Mohamed Shareef, has revealed that the bank facilitated $106.2 million in Telegraphic Transfers (TTs) during the first quarter of this year. This marks a significant increase compared to the previous year’s monthly average of $14.6 million. During the first quarter, the bank disbursed a monthly average of $35.4 million for TTs, while foreign exchange for card transactions amounted to $40 million per month. Furthermore, the bank reported a net profit of MVR 631 million for the quarter, representing a 27% growth compared to the same period last year. With a total revenue of MVR 1.24 billion, the bank also successfully managed to reduce its overall operating expenses.
