BML to propose disbursing MVR 80.7 million in dividends for 2020

The newly appointed Chairman, Sana Mansoor (C) and board of Directors of BML | Photo: BML

Malé, Maldives – Bank of Maldives (BML) has announced that the banks Board of Directors has recommended to propose to shareholders, a first and final dividend of MVR 80.7 million for the year 2020.

According to the bank, the first and final dividend of MVR 80.7 million, at a rate of MVR15 per share, for the financial year of 2020 will be sent to the next Annual General Meeting for the shareholders to vote on.

BML’s CEO and Managing Director Tim Sawyer had stated that even though the bank had performed well in 2019, the signs of the COVID-19 pandemic and the unforeseen level of business interruption had meant a significant loss in income for 2020.

Sawyer added that the bank was looking forward to generating a stronger performance in 2021 as they see the positive impacts in the ongoing recovery period of the Maldivian economy.

I would like to extend my appreciation to our staff for their hard work and to our shareholders and customers for their confidence in the Bank during these challenging times. We will continue to work tirelessly to meet expectations in terms of service standards and product offerings.

BML’s CEO and Managing Director Tim Sawyer

According to BML, their audited Profit after Tax for the year which ended December 31, 2020 was reported at MVR 325 million, a decrease of over 68% compared to the previous year. BML stated that Covid-19 pandemic had impacted the bank’s business and income lines during the year and that this is reflected in its annual results.