The Bank of Maldives (BML) approved a record dividend payout of MVR 296 million on Wednesday, after the national bank reported its best-ever financial performance in 2024 with a record profit after tax of MVR 2.25 billion.
The record dividend payment of MVR 296 million – amounting to MVR 55 per share – was approved during BML’s 2024 Annual General Meeting held at the Barceló Nasandhura Malé on Wednesday night.
This marks the highest dividend payout in the bank’s history, underscoring its robust financial performance last year.
Addressing shareholders at the AGM, BML’s CEO and Managing Director Mohamed Shareef said the record dividend reflects the strength of the bank’s business and the hard work of its people.
“On behalf of the bank, I thank our customers and shareholders for their trust and confidence. We remain focused on delivering excellence in service and continued financial growth,” he said.
BML’s CEO and Managing Director Mohamed Shareef addresses the bank's 2024 AGM on May 28, 2025. (Photo/BML)
BML its best-ever performance in 2024, with a record profit after tax of MVR 2.25 billion - an 8 percent increase year-on-year.
Total assets surpassed MVR 48 billion and deposits stood at MVR 32 billion, representing 58 percent of the market. Meanwhile, the bank’s total capital adequacy ratio stands at a robust 58 percent, significantly above regulatory requirements.
On the back of strong financial performance, Shareef highlighted the ongoing investment in the bank’s digital journey, the results of which he said continue to set the benchmark in the Maldivian financial industry.
“A remarkable 99 percent of the bank’s financial transactions are now made through our digital channels. This amounts to over 220 million transactions worth over MVR 540 billion,” he said.
BML holds its 2024 AGM on May 28, 2025. (Photo/BML)
Highlighting on the BML’s future plans, Shareef said the bank is working towards the goal of becoming the best digital bank in the region, and are excited about the possibilities that lie ahead in their digital transformation journey.
He also commended the team at BML, describing them as the bank’s “greatest asset.”
“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,” he said.