CEO Tim Sawyer has expressed Bank of Maldives (BML) will continue to improve customer experience with innovative technological solutions and support individuals, businesses and communities with an investment programme.
Following the best ever financial year for BML, CEO Tim Sawyer highlighted the positive platform the bank has built, in his update to the shareholders at the Annual General Meeting. BML is in a great position from which to build on, mentioning the need to remain focused to uphold the strong position and the positive momentum of the bank, said Sawyer.
Profit Before Tax was USD 103.628 million, which is an increase of 13% when compared with 2017. BML said it was a particularly positive result as it was achieved notwithstanding higher funding costs and unlike in the previous year, performance did not benefit from any one-off gains. The ratio of non-performing to total loans finished the year at 3.5%, contributing to the strong capital position of BML, which remained well in excess of regulatory requirements, according to the national bank.
As demand for new technology and online services increase and customer banking preferences evolve, shareholders were informed of the continued investments in technology-based innovations. Online applications for key services were introduced, delivering greater convenience for customers and simultaneously improving branch efficiency for the bank.
The technologically advanced money transfer application dramatically transformed the way customers send money overseas, additional self-service banking centres added to the 24/7 banking network across the country. Online transactions continue to account for 9 out of every 10 transactions, according to BML. In this regard, over 40 million transactions were carried out through these online channels last year.