Bank of Maldives (BML) was once again awarded with Maldives Inland Revenue Authority’s (MIRA)’s prestigious ‘Ran-Laari’ award.
The national bank became succeeded the award for a fourth time for paying the highest figure in Bank Profit Tax to the taxation authority, comparative to other local banks.
Vice President of the Maldives, Abdulla Jihad presented the award to BML, which was received by the bank’s Head of Legal Affairs Aishath Sama.
There are five operating banks in the Maldives including Bank of Maldives, State Bank of India and Bank of Ceylon.
Bank Of Maldives has successfully reduced its non-productive loan from 20.3% to 4.1 percent in 2017. The bank also paid MVR 1.3 billion from share profit and as tax. Additionally, the company generated MVR 1.038 billion as profit after the deduction of tax. MVR 118 million has been decided to be distributed as dividend. This is an increase of 10 per cent compared to last year.