Bank of Maldives (BML) is working towards the goal of becoming the best digital bank in the region through its digital transformation journey, the bank’s CEO and Managing Director Mohamed Shareef has revealed.
Following a successful year for BML, Shareef addressed shareholders at its Annual General Meeting held on Wednesday, outlining the bank’s solid financial performance, continued digital transformation, and sustained support for customers and communities.
Shareef highlighted the ongoing investment in the bank’s digital journey, the results of which continue to set the benchmark in the Maldivian financial industry. Shareef noted that “a remarkable 99 percent” of the bank’s financial transactions are now made through our digital channels.
This amounts to over 220 million transactions worth over USD 35 billion, he said
“We are working towards the goal of becoming the best digital bank in the region and are excited about the possibilities that lie ahead in our digital transformation journey,” he said.
Speaking about the Bank’s financial position, Shareef pointed out that BML reported its best-ever performance in 2024 with a record Profit After Tax of USD 145.9 million in 2024, an eight percent increase year on year.
According to Shareef, BML’s total assets surpassed USD 3.1 billion and deposits stood at USD 2.1 billion, representing 58 percent of the market, a clear reflection of customer confidence.
“The bank’s Total Capital Adequacy Ratio stands at a robust 58 percent, significantly above regulatory requirements, reflecting our strong financial position,” he explained.
BML shareholders have approved a record final dividend of USD 3.6 per share for the financial year 2024, amounting to a total payout of USD 19.2 million, at the AGM.
This marks the highest dividend payout in the bank’s history, underscoring its robust financial performance and continued commitment to shareholder value.