The Bank of Maldives (BML) on Monday, 31 August, made announcement of paying their dividends for the 2019 profit at MVR26 per share.
BML's Board of Directors made their decision apparent on Monday morning during the bank's Annual General Meeting for the previous year, held virtually.
According to the national bank of Maldives, they decided for the dividend based on the MVR139 million in profit after tax for the previous year.
The bank's Managing Director and Chief Executive Officer Tim Sawyer highlighted on the business achievements during 2019. He notes the bank's strong financial position, adding the increment in operating profit to MVR1.7 billion - an increment by 9 percent from the year before.
However, the bank observed a profit after tax decline by 5 percent due to higher provision charges while total assets of the bank increased by MVR3.3 billion - up by 14 percent.
As per Sawyer, the bank's Capital Adequacy Ratio was over 40 percent which is well above the regulatory requirements.
