Bank of Maldives’ (BML) board has announced that it will distribute the highest dividend ever to its shareholders at the company’s annual general meeting, following its net profit of MVR 2 billion.
The board of directions of BML has resolved to distribute MVR 50 per share, marking an increase of MVR 10 compared to the previous year’s distribution. CEO and Managing Director of BML, Karl Stumke, confirmed that a total of MVR 269 million would be allocated at MVR 50 per share. Stumke expressed pride in BML’s achievement of surpassing a profit of more than MVR 2 billion for the first time, noting the record-breaking results achieved last year.
Last year, BML distributed a total of MVR 215 million to its shareholders as share profit.
“The government, being the largest shareholder of BML, will receive MVR 136.6 million as share profit and an additional MVR 628 million as taxes for the year 2023”, Karl said.
Last year marked the highest profit in BML’s history, exceeding the previous record set in 2021 when they reported a profit of MVR 1.7 billion. In contrast, the COVID-19 pandemic significantly impacted BML’s net profit in 2020, which amounted to MVR 325 million. Despite a 70 percent decline in profit during COVID-19, BML has steadily improved its financial position over the past three years.
In the previous year, BML issued new loans worth MVR 5 billion, bringing the total disbursed loan amount to MVR 19 billion. The total deposited amount reached MVR 31 billion.
BML, the largest bank in the Maldives, has a capital of MVR 45 billion and serves 340,000 customers. Additionally, the bank facilitated transactions worth MVR 85 million.