Maldives' main bank Bank of Maldives (BML) shareholders on Sunday voted to approve a dividend pay-out of MVR118.4 million (MVR 22 per share) at the Bank’s Annual General Meeting held in the capital Male.
The record dividend payout is an increase of 10 percent over the level paid last year.
The state, as BML’s largest shareholder, will benefit from the increased payout and it was
reported that when both taxation and dividend payments are taken into account, total state
receipts will amount to MVR378 million.
BML’s Profit Before Tax in 2017 was MVR 1.416 billion, an increase of four 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 4.1 percent, while new lending of MVR4.4 billion helped a large number of local individuals and businesses.
Deposits meanwhile increased by 15 percent which was well ahead of market growth levels, while capital and liquidity ratios were comfortably in excess of regulatory requirements.
Last year, BML implemented its largest ever program of investment in local communities under
its ‘Aharenge Bank’ initiative. This program reached out to all corners of the country via more than
50 distinct projects 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. In addition, its network of agents providing services to those island communities without
a branch or ATM was increased from 191 to 230.
BML’s CEO and Managing Director Andrew Healy hailed the bank’s strategic direction highlighting its 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," Healy said.
He also stressed on the need for robust risk management as the bank looks to expand beyond the Maldives.
"We will of course continue to work hard and humbly to meet the expectations of our customers, our shareholders and our staff.”
