The Bank of Maldives (BML) has unveiled a landmark dividend proposal of MVR 296 million, equating to MVR 55 per share, following a year of exceptional financial performance in 2024. This marks the highest dividend payout in the bank’s history, reflecting its strong financial health and commitment to shareholders.
The audited financial statements for 2024 reveal an operating profit of MVR 2.85 billion and a net profit of MVR 2.24 billion, underscoring robust growth across key business sectors. BML’s capital adequacy ratio stands at a solid 58%, significantly surpassing regulatory requirements, while liquidity remains strong in both MVR and USD currencies.
Throughout 2024, BML welcomed over 21,000 new customers, a testament to the trust and confidence individuals and businesses across the Maldives place in the institution. The bank also extended over MVR 5 billion in new loans and financing, reinforcing its pivotal role in driving economic development nationwide.
Commenting on these achievements, Mohamed Shareef, CEO and Managing Director of BML, stated, “We are proud to deliver this strong performance in 2024, and this is testament to the resilience of our strategy and the dedication of our team. The proposed highest-dividend payout underscores our commitment to rewarding our shareholders while maintaining a solid financial foundation.”
Notably, BML’s impressive performance was achieved despite a bank profit tax rate of 25%, highlighting its operational efficiency and ability to deliver strong returns in a demanding fiscal environment. With a solid foundation and a clear strategy, BML is well-positioned to drive sustainable growth, innovate its offerings, and continue supporting individuals and businesses across the Maldives.
As the nation’s leading financial institution, BML’s extensive network includes 39 branches across all 20 atolls, 95 self-service banking centers, 150 ATMs, and a comprehensive suite of digital banking services, ensuring accessibility and convenience for its growing customer base.
This record-breaking dividend proposal not only signifies BML’s robust financial performance but also its unwavering commitment to contributing positively to the Maldivian economy and delivering value to its shareholders.
