Bank of Maldives (BML) declared a record final dividend of MVR 55 per share for the financial year 2024, following shareholder approval at its Annual General Meeting (AGM) held last night. The total payout amounts to MVR 296 million, the highest in the Bank’s history, reflecting its exceptional financial performance and commitment to delivering value to shareholders, the company said.
Chief Executive Officer and Managing Director Mohamed Shareef addressed the shareholders during the AGM, highlighting the Bank’s strong performance.
“This year’s record dividend reflects the strength of our business and the hard work of our 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.
The company said it will pay the dividend to all shareholders registered in the Shareholders’ Register as of the Book Closure date.
Shareef confirmed that BML achieved its best-ever performance in 2024, reporting a record Profit After Tax of MVR 2.25 billion—an eight percent year-on-year increase. According to BML, the bank’s total assets exceeded MVR 48 billion, while deposits reached MVR 32 billion, accounting for 58 percent of the market. The Bank’s Total Capital Adequacy Ratio stands at a robust 58 percent, well above the regulatory minimum, further strengthening its position as the country’s leading financial institution.
“A remarkable 99 percent of the Bank’s financial transactions are now conducted through our digital channels. This translates to over 220 million transactions, worth more than MVR 540 billion,” he highlighted the integration of digital banking within the Maldivain financial sector.
Looking ahead, Shareef reaffirmed the Bank’s ambition to become the best digital bank in the region.
“We are excited about the possibilities that lie ahead in our digital journey. Our team is our greatest asset—dedicated, loyal, and long-serving. Their commitment drives the Bank forward every day. By continuing to invest in our people, we empower them to deliver exceptional service to our customers.”
With strong financials, a rapidly advancing digital strategy, and unwavering support for customers and communities, Bank of Maldives closes the financial year on a high note, setting a new benchmark in the Maldivian banking industry.
