CEO and Managing Director of Bank of Maldives Tim Sawyer says he has no plans to renew his contract with the bank and would step down from his post once it expires.

In a letter to the Bank's staff, Sawyer said that he had already held discussions with the bank's board of directors about his decision not to renew his contract.

He said that he would continue as the Bank's CEO and Managing Director till his contract with the bank expires next month.

Sawyer said that the last year had been particularly difficult for the Bank. He further said that he had spent happy days at the herald of the Bank and is proud of what the Bank's employees had achieved.

Last year, BML received MVR 1.9 billion as profits after tax and had given the Government benefits with more than MVR 543 million in tax and MVR 131 million as a dividend.