At the Bank of Maldives (BML) Annual General Meeting held at Hotel Jen, Male’ last night, the bank’s shareholders voted to approve a dividend pay-out of MVR 129.17 million (MVR 24 per share). This is the highest dividend payout in the Bank’s history.
The state, being the BML’s largest shareholder will profit 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 MVR 390 million.
“We are pleased that our shareholders will benefit from our progress with the highest dividend pay-out in the Bank’s history. Financial performance of the Bank has never been better nor loan book standards higher – factors that are of course interlinked in terms of the Bank’s robust profitability and capital position at year-end. This positive platform enabled us to significantly expand our community investments throughout the year and positions us to continue such investment moving forward” said Chief Executive Officer of BML, Tim Sawyer said addressing shareholders.
The bank’s Profit After Tax has surpassed the MVR 1 billion threshold for the past three consecutive years.