Bank of Maldives (BML) has posted record earnings for their shareholders, with each share netting an earning of MVR 17.
This is the third year the company is posting record earnings for their shares. The bank is set to disburse MVR 91.4 million as share earnings from total profits of MVR 932.
Compared to 2014, BML had posted a 29 percent increase in profits last year. This was made possible while the Bank was carrying out an MVR 150 million investment program. Due to the various programs run within the Bank to strengthen the banking systems, BML had increased and maintained asset and liquidity ratios.
Speaking regarding the achievements for last year, BML CEO Andrew Healy said last year was a remarkable year for the bank. He said the bank would, in future, work with local businesses, individuals, families and help these parties achieve their goals. He added that the Bank will carry out the investment program to improve the services of the bank, noting the bank will increase that investment to MVR 300 million.
"2015 was a strong year for the Bank. Strong in terms of financial performance but - equally importantly - strong in terms of investment and giving back to the people and communities we serve. Thankfully the first four months of 2016 have been just as strong. We've good momentum in our business and going forward we'll invest further in supporting the country's individuals, families and businesses to fulfill their ambitions. Bank of Maldives will continue to work hard and humbly to make our shareholders, our customers and our staff proud," Healy said.
Healy added that half of the investment program is completed, with majority of the investment going to new branches, self service ATM center, cash agents to inhabited islands and on upgrading services of current branches.
With a nationwide network of 29 branches across all 20 atolls, 76 ATMs, 3200 POS merchants, 177 cash agents, 14 self service banking centers and five dhoni banking units. BML was recently honored by Capital Finance International for the most innovative banking team in the Indian Ocean.