BML to pay out dividends at MVR 50 per share

Bank of Maldives (BML) shareholders have approved a divided payout of MVR 269 million at MVR 50 per share.

The decision was taken at the bank's Annual General Meeting held at Jen Hotel this evening.

This is MVR 10 more than the dividend payout of 2023. Last year, the bank distributed a total payout of MVR 215 million at MVR 40 per share.

The Government, as the biggest shareholder, stands to benefit with MVR 136.6 million as dividend and a further MVR 628 million as tax for the year 2023.

During tonight's meeting, Ernst and Young (EY) were appointed as the Bank's external auditors with the approval of the bank's shareholders.

Directors nominated by the government and appointed to the board

1. Karl Stumke (Chief Executive Officer and Managing Director)

2. Aishath Noordeen

3. Aishath Sajnee

4. Ali Farish Mohamed

5. Adil Moosa

6. Dr. Mariyam Suzy Adam

Directors elected by public shareholders

1. Ahmed Mohamed

2. Ibrahim Mohamed

3. Abdulla Naseem

Last year, BML netted MVR 2 billion (USD 129.7 million) in profits, and total assets worth MVR 45 billion, recording its best-ever performance.

Previously, the bank marked their largest profit in 2023, with the second-highest income year being 2021, when they recorded a profit of MVR 1.7 billion. Despite facing significant losses due to the Covid-19 pandemic, with profits dropping to MVR 325 million- a 70 percent decrease- the bank has over the past three years, improved its financial position to beyond pre-pandemic levels.

BML issued MVR 5 billion in loans last year. With this, the total amount of loans disbursed stands at MVR 19 billion, while deposits stood at MVR 31 billion.

With the addition of 23,000 new customers last year, BML's total customer base now stands at 345,000. The bank also carried out 85 million internet transactions till date.