BML share prices reach MVR 900

Shares in Bank of Maldives (BML) have surged to an all-time high, with selling prices reaching MVR 900 per share and purchase prices at MVR 765, according to the Maldives Stock Exchange.

This marks a significant increase from MVR 670 in March, driven by strong financial performance and growing customer confidence in the bank.

BML has recently paid out a record dividend of MVR 296 million, equivalent to MVR 55 per share. The bank's annual general meeting, held on May 28, was attended by shareholders representing over 76 percent of total shares.

In 2023, BML posted a net profit of MVR 2.25 billion after paying MVR 643 million in taxes. A key indicator of customer trust in the institution is the growth in its customer base and deposits. More than 21,000 new customers joined the bank last year, bringing total deposits to MVR 32 billion by year-end. BML now holds 58 percent of all deposits in the Maldivian banking sector.

In the first quarter of this year, BML reported an operating profit of MVR 698 million and a net profit of MVR 497 million. CEO Mohamed Shareef noted that new loans issued to individuals and businesses reached MVR 1.7 billion during the quarter, reflecting a year-on-year increase of MVR 72 billion.

Given its strong financial indicators, the bank is expected to maintain the same level of growth throughout the year, and analysts anticipate further increases in the share price.

Founded with just MVR 10 million in capital, BML has since grown into a major financial institution with assets exceeding MVR 14 billion.