BML CEO: 2018, a successful year for the company

Bank of Maldives (BML) on Tuesday, dubbed the previous year, 2018 as being the company's most successful financial year thus far.

Addressing shareholders at the bank's Annual General Meeting (AGM), Chief Executive Officer Tim Sawyer highlighted the positive platform built by the company.

Noting that Profit Before Tax was recorded at MVR 1.6 billion - up 13 percent from 2017, BML dubbed the results "particularly positive" stating that it was achieved notwithstanding higher funding costs and that the performance did not benefit from any one-off gains, unlike in the previous year.

BML further revealed the ratio of non-performing to total loans had finished the year at 3.5%, thereby contributing to the bank’s capital standing - well in excess of regulatory requirements.

Informing shareholders of the bank’s continued investments in technology-based innovations to meet increasing demands for new technology and online services, BML also shed light on changes made catering to customer banking preferences.

The introduction of online applications for key services to deliver greater convenience for customers and simultaneously improving branch efficiency for the bank was detailed, as well as the dramatic transformation to the way customers send money overseas provided by the bank's technologically advanced money transfer app, and the addition of several new self-service banking centres added to the 24/7 banking network across the country.

With respect to community investments, shareholders were assured of the continuation of the ‘Aharenge Bank’ program which, since inception, has seen MVR 300 million invested back into the community projects and network expansion. Under the program, 110 projects in charitable, educational, sports and environmental causes were implemented in an effort to elevate individuals, businesses, and communities across the country.

During the meeting, Sawyer expressed his appreciation towards BML's staff stating, “2018 was a year to be proud of. With the hard work and commitment from our staff, the bank is in a great position from which to build on."

"We will need to remain focused to uphold our strong position and this positive momentum."

Of the future, Sawyer determined that BML would continue to improve its customer experience by utilizing innovative technological solutions and by extending support to support individuals, businesses, and communities, via the bank's investment program.