Bank of Maldives has released its audited financial statements and annual report for 2017. The results reflect a very positive year for the Bank as it recorded its best ever financial performance while simultaneously doubling its investment in local communities. 

Profit Before Tax was MVR 1.416 billion, an increase of 4% in absolute terms and up 20% on an underlying basis versus the prior year.

"The past year has further strengthened our confidence in the Banks strategic direction. The results show an increasingly robust bank which is continuing to simultaneously grow and invest. I would like to extend my thanks to our wonderful team of staff for their extraordinary dedication during the year." Comments BML CEO and Managing Director, Andrew Healy.

"Thank you also to all our customers, old and new, for your support. You can be assured we will continue to work hard and humbly to meet your expectations."

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 7.0% to 4.1%, while new lending of MVR 4.4 billion helped a large number of local individuals and businesses. 

Deposits increased by 15% which was well ahead of market growth levels, while capital and liquidity ratios were comfortably in excess of regulatory requirements. Bank of Maldives robust financial position has led the Board to recommend an increase in dividend payout of 10% for 2017 to MVR 118.4 million, MVR 22 per ordinary share.

"As a Board, we are very pleased with the positive trajectory of our business which has given us the platform to propose to shareholders a record dividend for 2017."Comments Chairperson of the Board of Directors, Saeeda Umar on the Banks performance. 

"I am proud that we achieved our best ever financial performance and it was particularly satisfying that we concurrently managed to step up, also to a record level, our investment under our Aharenge Bank program which continues to benefit communities throughout the country."

The past year has seen BML implement its largest ever program of investment in local communities under its Aharenge Bank initiative. This program reached out to all corners of the country via more than 50 distinct projects which supported charitable, educational, sports and environmental causes.

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 those island communities without a branch or ATM was increased from 191 to 230.