Bank Of Maldives، the highest customer-based bank in Maldives has just reported of seeing a highly profitable fiscal year in 2014.
BML reveals an operating profit exceeding MVR 1 billion for the first time with the bank heavily investing in new technology، customer service and expanding its borders across the nation.
The company had issued the 2014 audited accounts and annual report، backings from a strong financial year. According to the bank، BML would be recommending a record dividend payout of MVR 86.1 million، that is 16 Rufiyaa per share to all shareholders of the company for 2014.
According to their annual report، BML’s operating profit exceeds MVR 1 billion for the first time and was up by 22%. The underlying net-profit after tax reduction، along with the one-off loan recoveries and provisions stripped out was still a favoring growth of 81%. The company’s total assets had gone up by 23% as the bank continued lending to local individuals and corporate entities. The deposits of Bank Of Maldives were up by 25%.
Following a successful fiscal year run، CEO and Managing Director Andrew Healy said “The bank is making solid progress. Financial performance is satisfactory، customer service has advanced considerably and we have demonstrated our commitment to the country through significantly expanding our footprint – for instance، we now have a presence on 95 more islands than was the case this time last year.”
He had continued on، adding “Looking back on 2014، one of the most pleasing aspects was the fact that we made a number of key investments which will benefit our customers and the country over many years to come. These investments included our largest ever technology chance program، a financial inclusion project which is now halfway towards its goal of achieving a presence in all inhabited islands، the introduction of Self Service Banking and a branch refurbishment program.”
“I would like to express my most sincere thanks to our staff and our board for all their hard work and support. We will need to remain focused and resolute to keep the positive momentum going.”
“Bank Of Maldives had invested heavily throughout the year in expanding its presence across the country” the press release read، stating that the bank had invested on new technology، customer service and their growth and been able to achieve a strong financial year.