CEO of BML, Tim Sawyer Praises the Bank’s Performance Amid the Pandemic

 
Bank of Maldives held its Annual General Meeting virtually on Thursday. In the event, CEO and Managing Director of BML, Tim Sawyer reflected back on the important role played by BML in supporting the fragile economy of the Maldives during the pandemic.  
 
“Maldives was one of the hardest hit countries. We understood the potential economic impact of Covid early on and laid out a strategy to support the country and keep the economy afloat.” Tim Sawyer stated in his speech.  
 
“We continued our banking services, supported customers financially impacted by the pandemic through short-term financing and moratorium and we stepped up to deliver government lending schemes, administering the EIB Covid-19 Recovery Loan scheme and more recently, the Economic Stimulus Loan. A key part of our Covid strategy was on securing much needed external funding to ease liquidity pressures. Our strategy proved successful. We secured almost USD 90 million in funding from multiple lending agencies and at the same time, we also worked to ensure we had adequate foreign currency reserves to support the country.” 
 
BML ended the year 2020 with more than 60% reduction in its Profit after Tax margin to that compared to the year before. Tim stated that although the year began strongly, the pandemic and subsequent impact to our key income lines hit financials inevitably. “We continued to grow, welcoming more than 12,000 new customers and recorded more than MVR3 billion in new lending in the last year.” he explained. 
 
Ending his note, Tim Sawyer expressed his confidence in the Bank’s ability to bounce back from the dip in performance in the near future. “We will inevitably face challenges, but we have the strength to overcome these as we work for sustainable growth. We also have some exciting new products and services to announce in the coming months and most importantly, we have a great team at the heart of the Bank, to deliver on our strategy.” 

During the AGM, BML confirmed the new Board Directors and Chairperson. They are:
Yooshau Saeed, H. Sandy Beach, as Chairperson of BML Board 
Mr. Timothy Sawyer, CEO and Managing Director
Ms. Aishath Noordeen, M. Thaangeedhoshuge
Ms. Juwairiya Saeed, Ma. Kosheega
Mr. Abdulla Hassan, R. Alifushi Naseema Manzil
Mr. Abdulla Husam Shareef, Gn. Fuvahmulah Dhiguvaadu Savaa
Mr. Mohamed Sharah, G.Dh. Foyoaree Kothange

Mr. Ibrahim Mohamed, N. Holhudhoo Nelum and Mr. Ahmed Mohamed, G. Ufaa were elected as public shareholders.
 
Tim Sawyer reiterated on the fact the BML will remain close and work alongside Maldivians through these extraordinary and challenging times.