Bank of Maldives (BML) recorded its best-ever performance in 2023 with profit after tax at MVR 2.07 billion, the bank has declared. Earnings exceeded the previous year’s record performance of MVR 1.48 billion.

As a result, BML’s Board of Directors will recommend a 2023 dividend payout of MVR 50 per share, the highest-ever payout to the bank’s shareholders, to be approved at the Bank’s next Annual General Meeting (AGM), BML said in a statement. BML paid out MVR 40 per share as dividends for 2022.

I am pleased to report this record performance for the Bank, which also marks the first time the Bank has crossed MVR 2 billion. As a result of our performance, the board has proposed a total dividend payout of MVR 269 million which is the highest for our shareholders in the Bank’s history.

CEO and Managing Director Karl Stumke commenting on BML’s 2023 performance and expected dividend payouts.

The state, as BML’s largest shareholder, stands to gain MVR 136.6 million as dividends and a further MVR 628 million as tax for the year 2023, Stumke said.

BML issued MVR 5 billion in loans last year, bringing the bank’s total loan disbursement to MVR 19 billion — deposits stood at MVR 31 billion.

The 62.2 percent state-owned bank is currently valued at MVR 45 billion, has 340,000 customers and recorded 85 million internet transactions. Other state owned enterprises (SOEs) hold 4.1 percent of BML with the balance held by public shareholders.