Bank of Maldives (BML) has received USD 90.9 million U.S. dollars as profit before tax last year, which is an increase of 4% compared to 2016, according to its financial statement.
BML revealed it is also an increase of 20% on a like-for-like basis, with the bank receiving a net profit of USD 66.2 million in 2016. Furthermore, the bank noted the robust financial position has led to the Board to recommend an increase in dividend payout of 10% for 2017 to USD 7.7 million, which is 22 per ordinary share.
While the Bank experienced higher funding costs and lower margins in some segments, solid business volumes and further improvement in loan book quality helped to compensate. The ratio of non-performing to total loans reduced from 7% to 4.1%, while new lending of USD 285.8 million helped a large number of local individuals and businesses, noted BML. Deposits increased by 15% which was well ahead of market growth levels, while capital and liquidity ratios were comfortably in excess of regulatory requirements, according to the national bank of Maldives.
The past year, BML implemented its largest ever programme of investment in local communities as part of its 'Aharenge Bank' initiative. The programme reached out to all corners of the country via more than 50 distinct projects which supported charitable, educational, sports and environmental causes, stated BML.
The Bank also opened 3 new branches in the atolls as well as 14 new Self-Service Banking Centres. Additionally, its network of agents providing services to the island communities without a branch or ATM was increased from 191 to 230 by the end of 2017.