Bank of Maldives CEO Andrew Healy has stated that this year, BML will pay over MVR 300 million as pre-tax profits and dividend earnings.
Speaking in the Bank's AGM held this evening in Kurumba Maldives, Healy said the Bank was always invested in the development of the country.
"I talked earlier about the Bank's Investment program, our contribution to the country. Now there's one more part to our contribution that we sometimes forget. Tax. We pay more taxes than any other major company in the country. We pay at a rate of 25 percent, when others outside banking pay just 15 percent. In fact, if our dividend is agreed tonight, approximately one third of the Bank's pre-tax profits will go to the state. That's over MVR 300 million," he said.
Healy noted that within three years, the Bank had managed to double the resources to control and mitigate risk, adding that they had instill extremely high benchmarks and targets for themselves.
"Last year, 15000 new customers joined the bank, with the existing 265000 customers we have been able to reach the whole of the country," Healy said.
BML has revealed that in the first three months of the year, the bank had earned a pre-tax earnings of MVR 281 million. Last year, MVR 110,959 was recorded in the same period: this year's figure is a 90 percent increase in earnings.
Healy added that half of the investment program is completed, with majority of the investment going to new branches, self service ATM center, cash agents to inhabited islands and on upgrading services of current branches. With a nationwide network of 29 branches across all 20 atolls, 76 ATMs, 3200 POS merchants, 177 cash agents, 14 self service banking centers and five dhoni banking units. BML was recently honored by Capital Finance International for the most innovative banking team in the Indian Ocean.
