Bank of Maldives (BML) front man Mr. Tim Sawyer confirms that the bank has paid MVR543 million in taxes, and another MVR131 million in dividends to state.
While discussing the strong fiscal performance of the previous year, Mr. Sawyer noted that the bank was at its strongest position ever attesting that the bank’s profits went up over 470% to hit MVR1.9 billion after tax.
In 2019, BML settled a total of MVR423 million in taxes to the state, which had observed a significant MVR251 million increment in 2021.
Speaking about the progress, Mr. Sawyer said, “I would argue the bank is in the strongest position it has ever been. Profits are good, the balance sheet is strong, bad debts are under control, the moratorium effects are unwinding, digitization is proceeding apace and customer service is slowly starting to improve.”
He also highlighted on the bank’s new strategic pillars of Financial Stability, Operational Excellence and Customer Experience, and assured to achieve the strategic goals by the next three years.
In addition to this, Mr. Sawyer attested that the bank had generated profits of MVR544 million for the first quarter of 2022, indicating over 55% increment when compared with Q1-2019.