The Bank of Maldives (BML) has reported exceptional financial results for 2024, culminating in a record dividend payout to its shareholders. The bank’s Board of Directors has proposed distributing MVR 296 million, equating to MVR 55 per share, pending approval at the upcoming Annual General Meeting. This proposal signifies the highest shareholder return in BML’s history.
Chief Executive Officer and Managing Director Mr. Mohamed Shareef expressed that this unprecedented distribution underscores the bank’s dedication to maintaining a robust financial foundation while maximizing shareholder value. He credited the bank’s success to the unwavering commitment and hard work of its governance and employees.
In 2024, BML achieved a net profit of MVR 2.1 billion, reflecting a 4% increase compared to the previous year. The operating profit for the year stood at MVR 2.8 billion, marking a 5% rise from 2023, with all business segments showing improved performance. The bank’s capital position remained strong, with a capital adequacy ratio of 51%, well above regulatory requirements.
BML’s customer base expanded by over 21,000 new clients during the year, highlighting the trust and confidence placed in the bank by individuals and businesses across the Maldives. Additionally, the bank provided more than MVR 5 billion in new loans and financing, reinforcing its role as a key driver of economic development.
These results are particularly noteworthy given the bank profit tax rate of 25%, emphasizing BML’s operational efficiency and ability to deliver strong returns in a challenging fiscal environment. With a solid foundation and clear strategy, BML is well-positioned to drive sustainable growth, innovate its offerings, and continue supporting individuals and businesses across the Maldives.
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