The board of directors at the Bank of Maldives (BML) has announced plans for the largest-ever dividend distribution to shareholders following a record-breaking net profit of MVR 2 billion.
The board has proposed a dividend of MVR 50 per share, a significant increase of MVR 10 from the previous year.
BML’s CEO and Managing Director, Karl Stumke, confirmed a total allocation of MVR 269 million at MVR 50 per share. He expressed pride in the bank’s milestone of surpassing MVR 2 billion in profit for the first time, highlighting the record-breaking performance in 2023.
The Maldivian government, as BML’s majority shareholder, stands to benefit substantially. It is set to receive MVR 136.6 million in dividends and an additional MVR 628 million in taxes for 2023.
BML’s 2023 results represent a significant turnaround from the COVID-19-impacted year of 2020 when net profit fell to MVR 325 million. However, the bank has shown consistent recovery over the past three years.
Additionally, in the past year, BML issued MVR 5 billion in new loans, increasing its total portfolio to MVR 19 billion, while customer deposits reached MVR 31 billion.
