Bank of Maldives Ltd (BML)'s CEO Andrew Healy, on Sunday, stated that the bank contributed over MVR 1.3 billion to the state as taxation and dividends, highlighting that BML's profits had doubled over the last four years.
BML reported that profitability doubled over the past four years due to solid business growth and a dramatic reduction in bad loans – the ratio of non performing to total loans has reduced from 20.3 percent to 4.1 percent. Shareholders have benefited from a 240 percent appreciation in BML’s share price and it was pointed out that the bank has contributed over MVR 1.3 billion to the state by way of taxation and dividends during this period.
The statement noted that the bank’s technology investment had helped to shift customers to carry out 9 of 10 transactions online. Following the introduction of the bank’s new Customer Service Centre in capital Male last year, these changes have helped to improve service standards to the point where customer satisfaction is currently ahead of local banks and eight percent ahead of the average for the Asian region.
BML has implemented in excess of 100 CSR projects as community investments over recent years, and that last year alone, it invested MVR 300 million under its Aharenge Bank program. The bank stated that these investments have demonstrated its commitment to re-invest earnings and have made a big difference for many local communities. Furthermore, BML has increased its branch network by 30 percent over the past four years and has doubled the number of ATMs, including 35 new self service banking centres. Every atoll now has a BML branch and every inhabited island has a branch, ATM or agent.
CEO Healy expressed confidence in the bank’s employees, highlighting the effort made by the staff“They have incredible attitude more than anything which when we combine this with their ability, makes us a formidable team. I believe we can together look forward to the future with confidence” said Healy.