Bank of Maldives has decided to distribute MVR 40 per share as dividends.
This resolution was passed during the bank's annual general meeting, where all participating shareholders had unanimously voted in favor.
The total share profit includes an interim dividend of MVR 20 per share along with an additional dividend of MVR 20 per share. The total dividend payout amounts to MVR 215 million.
This amount is MVR 44 million lower than what the bank had distributed to shareholders last year. In 2022, BML had distributed MVR 48 per share as dividends.
While shareholders' profit saw a decline, BML observed a decrease of MVR 300 million in net profits last year, with net profits totalling MVR 1.4 billion. In 2021, the bank's net profit stood at MVR 1.7 billion.
Despite the decline in profits, BML's assets increased by nearly MVR 3 billion last year. The amount of customer deposits also rose to MVR 1.8 billion. In addition, the bank issued new loans worth MVR 4.3 billion to the public and businesses.
Currently, the bank serves 350,000 customers.
The government holds a 62.2 percent stake in the bank, while state-owned companies account for 4.1 percent. The remaining 33.7 percent is owned by general shareholders. As a result, the government will receive over half of the share profits.