BML’s Resilient Growth Paves Way for Highest-Ever Dividend Payout

The Bank of Maldives (BML) has announced its highest-ever proposed dividend payout of MVR 296 million, at MVR 55 per share, following an exceptional financial performance in 2024. The record-breaking dividend proposal reflects the bank’s robust growth and resilience in the face of economic challenges.

According to the audited financials, BML recorded an operating profit of MVR 2.85 billion and a net profit of MVR 2.24 billion, demonstrating strong performance across key business sectors. The bank remains well-capitalized with a Capital Adequacy Ratio of 58%, significantly exceeding regulatory requirements. Additionally, liquidity in both Maldivian Rufiyaa (MVR) and US Dollars (USD) remains strong, ensuring financial stability.

Throughout 2024, BML welcomed over 21,000 new customers, underscoring the trust and confidence placed in the institution by individuals and businesses nationwide. In its continued role as a key driver of economic development, the bank disbursed over MVR 5 billion in new loans and financing, further strengthening the financial sector and supporting business growth across the Maldives.

Commenting on the impressive financial results, BML’s CEO and Managing Director Mohamed Shareef stated, “We are proud to deliver this strong performance in 2024, and this is a testament to the resilience of our strategy and the dedication of our team. The proposed highest-dividend payout underscores our commitment to rewarding our shareholders while maintaining a solid financial foundation.”

Despite operating in a challenging fiscal environment with a 25% bank profit tax rate, BML has managed to maintain operational efficiency and deliver substantial returns. With a clear strategy and strong financial footing, the bank is well-positioned to drive sustainable growth, innovate its offerings, and continue supporting businesses and individuals across the Maldives.