A major milestone in the Maldives’ financial sector has been marked by Bank of Maldives (BML) as it announces the highest dividend payout in its history, underscoring the nation’s robust banking landscape. The bank has declared a final dividend of MVR 55 per share for the financial year 2024, approved at its Annual General Meeting held on 28th May 2025. This translates to a total payout of MVR 296 million to shareholders, an achievement that highlights the bank’s exceptional profitability and continued leadership in the Maldivian financial sector.
Addressing the shareholders, Chief Executive Officer and Managing Director Mohamed Shareef emphasized the strength of the bank’s operations and the collective effort behind the success. “This year’s record dividend reflects the strength of our business and the hard work of our people. On behalf of the Bank, I thank our customers and shareholders for their trust and confidence,” he said, reaffirming the institution’s dedication to excellence in service delivery and sustained growth.
BML reported its highest-ever Profit After Tax in 2024, reaching MVR 2.25 billion, a notable 8 percent increase compared to the previous year. The bank’s asset base expanded to over MVR 48 billion, while customer deposits stood at MVR 32 billion, representing 58 percent of the national deposit market. These figures further cement BML’s reputation as the leading financial institution in the Maldives.
The bank’s capital strength remains well above industry norms, with a Total Capital Adequacy Ratio of 58 percent, substantially exceeding regulatory requirements. Such financial resilience not only enhances investor confidence but also contributes to overall economic stability in the country.
One of the most remarkable achievements highlighted during the AGM was BML’s digital transformation. An impressive 99 percent of the bank’s financial transactions are now conducted digitally, amounting to over 220 million transactions with a cumulative value exceeding MVR 540 billion. This shift towards digital banking demonstrates the institution’s forward-thinking approach and its role in modernizing financial services in the Maldives.
Looking forward, Shareef outlined BML’s vision to establish itself as the best digital bank in the region. “We are excited about the possibilities that lie ahead in our digital journey,” he said. “Our team is our greatest asset, dedicated, loyal, and long-serving. Their commitment drives the Bank forward every day. By continuing to invest in our people, we empower them to deliver exceptional service to our customers.”
The announcement not only reflects the bank’s strong financial position but also presents a compelling narrative for international observers and foreign investors interested in the Maldives. With digital innovation at the core of its strategy and consistent delivery of shareholder value, Bank of Maldives stands as a symbol of financial progress and operational excellence in the Indian Ocean archipelago.
As the nation continues to attract global tourists and investors, institutions like BML offer a glimpse into the Maldives’ broader trajectory of development, one rooted in stability, innovation, and trust.
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