Bank of Maldives Ltd (BML)’s shareholders on Sunday approved a dividend payout of MVR 118.4 million with MVR 22 per share, at the Bank’s Annual General Meeting held in Hotel Jen.
This is an increase of 10 percent over the level paid last year, and represents a record dividend payout.
BML’s Profit Before Tax in 2017 was MVR 1.416 billion, an increase of 4 percent in absolute terms, and up 20 percent on an underlying basis versus the prior year. The ratio of non performing to total loans reduced from seven percent to 4.1percent, while new lending of MVR 4.4 billion helped a large number of local individuals and businesses. Deposits increased by 15 percent, which was well ahead of market growth levels, while capital and liquidity ratios were comfortably in excess of regulatory requirements.
Addressing the 41 attendee shareholders at the meeting, BML’s CEO and Managing Director Andrew Healy commented that the past year had reinforced their confidence in the bank’s strategic direction and provided a solid platform to continue to grow and invest.
“When we benchmark our financial performance against our peers, it is pleasing that we compare well not just in terms of business volumes but also in terms of the quality of our loan book. Our non performing loans are less than half the market average. As we seek to expand beyond our home country, it will be essential that we keep prudence and robust risk management at the heart of everything we do. We will of course continue to work hard and humbly to meet the expectations of our customers, our shareholders and our staff,” said Healy.
During 2017, BML implemented its largest investment program in local communities under its initiative ‘Aharenge Bank’. This program consisted of 50 distinct projects, reaching out to all the corners of the country, which supported charitable, educational, sports and environmental causes. The bank also opened three new branches in the atolls as well as 14 new Self-Service Banking Centres. Furthermore, the bank increased its network of agents providing services to those island communities without a branch or ATM from 191 to 230.