ADS BY DHIRAAGU
Local

BML CEO hails 240 percent lift in share price

In customer service, Healy said the bank has managed through technology investment to shift customer behaviour to the point where nine out of every 10 transactions carried out
online.

"This represents quite a change from the historical reliance on branches for routine transactions that are now carried out using mobile and internet channels as well as via self service banking centres," he noted.

"Some 30 million online transactions took place last year, twice the level of 2014 and this has helped remove congestion from branches. Allied to the introduction of the Bank’s new Customer Service Centre in Male’ last year, these changes have helped to improve service standards to the point where customer satisfaction is currently ahead of local banks and 8 percent ahead of the average for the Asian region."

Bank of Maldives (BML) CEO Andrew Healy on Sunday hailed the 240 percent lift in share price following a strong year for the archipelago's main bank.

During the bank's Annual General Meeting held in the capital Male on Sunday, Healy briefed shareholders on performance trends since 2014 when the Bank announced its ambitious strategy focused on enhancing financial performance, service standards and community investment.

In terms of financial performance, Healy noted that the bank's profitability has doubled over the past four years due to solid business growth and a dramatic reduction in bad loans – the ratio of non
performing to total loans has reduced from 20.3 percent to 4.1 percent.

The BML chief said shareholders have benefited from a 240 percent appreciation in share price adding that the Bank has contributed over MVR1.3 billion to the state by way of taxation and dividends during this period.

In customer service, Healy said the bank has managed through technology investment to shift customer behaviour to the point where nine out of every 10 transactions carried out
online.

"This represents quite a change from the historical reliance on branches for routine transactions that are now carried out using mobile and internet channels as well as via self service banking centres," he noted.

"Some 30 million online transactions took place last year, twice the level of 2014 and this has helped remove congestion from branches. Allied to the introduction of the Bank’s new Customer Service Centre in Male’ last year, these changes have helped to improve service standards to the point where customer satisfaction is currently ahead of local banks and 8 percent ahead of the average for the Asian region."

Healy further noted that the bank has implemented in excess of 100 CSR projects over recent years and that last year alone, investing MVR300 million under its Aharenge Bank program.

He also paid particular tribute to the Bank’s employees.

"I would like to particularly highlight the enormous efforts of our staff. They have incredible attitude
more than anything which when we combine this with their ability, makes us a formidable team. I
believe we can together look forward to the future with confidence.”