Bank of Maldives (BML) has seen the best ever financial year ever, said Chief Executive Officer Mr. Timothy Sawyer.
Mr. Tim stated this during the Annual General Meeting of BML held on 30th July 2019.
Looking in to the details, Profit Before Tax was MVR 1.6 billion, while the ratio of non-performing to total loans finished the year at 3.5%, contributing to the Bank’s strong capital position which remained well in excess of regulatory requirements.
In 2018, online applications for key services were introduced, delivering greater convenience for customers and simultaneously improving branch efficiency for the Bank.
The technologically advanced money transfer app dramatically transformed the way customers send money overseas,with additional self-service banking centres added to the 24/7 banking network across the country.
Online transactions continue to account for nine out of every 10 transactions. Over 40 million transactions were carried out through these online channels last year.
On community investment, ‘Aharenge Bank’ program saw MVR 300 million invested back into the community projects and network expansion.
“With the hard work and commitment from our staff, the Bank is in a great position from which to build on,” Mr. Tim expressed his sincere appreciation to the Bank’s staff. “Looking ahead, we will continue to improve our customer experience with innovative technological solutions and support individuals, businesses and communities with our investment program”.