BML posts record MVR 2.07 b profit; proposes highest-ever dividend

Bank of Maldives (BML) has recorded its best-ever performance in 2023 with a profit-after-tax of MVR 2.07 billion.

The national bank, confirmed this on Thursday, and added that its board of directors have thus, recommended the highest-ever dividend payout of MVR 50 per share.

This dividend preposition is expected to be formally approved at the bank's next annual general meeting.

Speaking about the bank's performance, CEO and Managing Director Karl Stumke said, "I am pleased to report this record performance for the bank, which also marks the first time the Bank has crossed MR 2 billion. As a result of our performance, the Board as proposed a total dividend payout of MVR 259 million which is the highest for our shareholders in the Bank's history."

"The government, as our biggest shareholder, also stands to benefit with MVR 136.6 million as dividend and a further MVR 628 million as tax for the year 2023," Karl added.

Karl also thanked the bank's Board of Directors for their guidance and stewardship over the year, and appreciated the staff across the country for their hard work.