BML to divide MVR 129 million between shareholders

BML to divide MVR 129 million between shareholders

Bank of Maldives (BML)'s shareholders approved a dividend pay-out of MVR 129.17 million, during the bank's Annual General Meeting held at Hotel Jen on Tuesday night.

When divided equally, this amounts results in a rate of MVR 24 per share.

Speaking at the meeting held in Hotel Jen, BML's CEO Tim Sawyer expressed his satisfactions towards the bank's performance.

"We are pleased that our shareholders will benefit from our progress with the highest dividend pay-out in the Bank’s history", he said, "Financial performance of the Bank has never been better nor loan book standards higher".

The state will benefit most from the increased payout as the largest shareholder of the national bank. BML reports that the government will receive a total of MVR 390 million when the dividend payments are taken into account with the taxation.

In 2018, Bank of Maldives generated a Profit Before Tax of MVR 1.6 billion, an increase of 13 percent from the previous year.

Additionally, the bank declared that BML's Profit After Tax have surpassed the MVR 1 billion mark consecutively in the last three years.

Last year, BML’s shareholders approved a dividend payout of MVR 118.4 million with MVR 22 per share.