Bank of Maldives (BML) CEO and Managing Director Mohamed Shareef delivered a compelling vision for the bank’s future during its Annual General Meeting (AGM) on May 28, 2025, highlighting record-breaking financial results and an ambitious digital transformation strategy.
Record-Breaking Financial Performance
Shareef announced that BML achieved a net profit of MVR 2.25 billion in 2024, marking an 8% increase from the previous year. Total assets surpassed MVR 48 billion, and customer deposits reached MVR 32 billion, capturing 58% of the market share. The bank’s capital adequacy ratio stood at a robust 58%, significantly exceeding regulatory requirements.
In recognition of this stellar performance, shareholders approved a record dividend payout of MVR 296 million, equating to MVR 55 per share—the highest in the bank’s history.
Accelerating Digital Transformation
Emphasizing the bank’s digital advancements, Shareef noted that 99% of BML’s financial transactions are now conducted through digital channels, amounting to over 220 million transactions worth more than MVR 540 billion.
“We are working towards the goal of becoming the best digital bank in the region and are excited about the possibilities that lie ahead in our digital transformation journey,” Shareef stated.
Commitment to Workforce and Community
Acknowledging the bank’s employees, Shareef remarked, “We are proud of our dedicated, long-serving, and loyal workforce. Their commitment and hard work drive the bank forward every day. By investing in our people, we ensure that they are empowered to serve our customers with excellence.”
Looking Ahead
With a strong financial foundation and a clear strategic vision, BML is poised to continue its growth trajectory, focusing on digital innovation and customer-centric services to maintain its leadership in the Maldivian banking sector.
