BML approves MVR 55 per share as 2024 dividend
This marks an increase from the MVR 50 per share dividend paid in 2023.
Top Stories
Bank of Maldives (BML) has declared a final dividend of MVR 55 per share, amounting to a total of MVR 296 million, from its net profit of MVR 2.25 billion for the financial year ending 2024.
The decision was approved at BML’s Annual General Meeting (AGM), held at the Barcelo Nasandhura Malé hotel Wednesday evening. The board of directors proposed the dividend, which was endorsed by the shareholders. This marks an increase from the MVR 50 per share dividend paid in 2023.
According to the bank’s financial highlights presented at the AGM:
-
Operating profit stood at MVR 2.8 billion
-
Net profit reached MVR 2.25 billion
-
More than MVR 5 billion was disbursed in loans and financing
-
Over 21,000 new customers joined the bank
BML Chief Executive Officer and Managing Director, Mohamed Shareef, stated that customer deposits at the bank have risen to MVR 32 billion. He noted that the bank currently holds 58% of total customer deposits across all banks operating in the Maldives.
Shareef further said that BML’s total loan disbursement reached MVR 21.1 billion, accounting for 51% of the total loans issued in the country, surpassing the combined disbursement by all other banks.
Despite broader economic challenges, Shareef said the bank posted a net profit of MVR 2.25 billion after paying MVR 643 million last year, reflecting an 8% increase from the previous year.
BML's total assets increased to over MVR 48.4 billion by year-end, supported by a balance sheet growth of MVR 2.8 billion.
At the AGM, Ernst & Young was reappointed as the bank’s external auditor for the upcoming financial year.
