In November 2013, Bank of Maldives (BML) distributed dividends of MVR 9.29 per share from profits earned by the bank in 2012, the first distribution of dividends by the bank since 2008.
At the bank’s Annual General Meeting for the year 2012, attended by 14 shareholders and 14 proxy holders in Nasandhura Palace Hotel last night, BML said the bank’s audit has to be completed before it can distribute dividends for the past six months.
The bank’s overall revenue increased to MVR 1.3 billion in 2012, a 26 percent increased from 2011. Profits from interests increased by 3 percent in 2012 and revenue from interests totaled to MVR 477 million in 2012. BML’s gained an operating profit of MVR 729 million in 2012, a 53 percent increase compared to 2011.
Speaking at last night’s AGM, BML’s shareholders raised concerns over the standard and procedures of certain services provided by the bank, but noted that in 2012, the bank had made progress compared to the previous year.
With the bank’s chairman and two director slots vacant, BML held its 2012 AGM in the absence of a chairman of the board. The government has yet forward nominations for the vacancies.