“BML is in the Strongest Position it’s Ever Been in” – Tim Sawyer

Bank of Maldives CEO and Managing Director, Tim Sawyer highlights the bank is in the "strongest position it has ever been in" after a year of record-breaking performance. Tim highlighted the Bank's successful trajectory over the last three years during a turbulent time globally while speaking to shareholders at the 39th Annual General Meeting held at Hotel Jen, on May 29th.
 
“We survived Covid. We were able to continue lending, continue providing key services and continue to provide substantial debt relief to keep the country going. When the Maldives was at its most troubled, BML stood firm and ensured the economic survival of the country.” Appreciating the hard efforts put in the difficult period the country had suffered, Tim stated.

 
Furthermore, Tim also highlighted the Banks strong financial performance over the year “Despite price reductions on key lending products, profits increased with a substantial rise of over 470% to 1.9 billion Rufiyaa after tax, which means the Government, as our biggest shareholder, benefits with more than MVR 543 million in tax and MVR 131 million as dividend.”
 
Continuing his speech, Tim further noted “We now have a set of new strategic pillars – Financial Stability, Operational Excellence and Customer Experience – and goals that we have committed to achieve in the next three years. Attention to customer service is of course, not new. Despite Covid, improving customer service has been a key priority with the expansion of our nationwide footprint, digitization of our back-end operations and introduction of new services such as the wallet feature on our App. We have also increased resources to expand our capacity and ensure business continuity. Much more remains to be done but customer surveys show that we are starting to succeed.”

 
Appreciating his staff for their true dedication, Tim expressed is gratitude. “It has been pleasing over the last 3 years to see new Maldivians coming onto the Executive management team, be it through promotion or through recruitment. Today, the Bank is operating with 99% Maldivians and the next generation of leaders are starting to make their mark too which means it will remain Maldivian led in the future. It is something we should be proud of.”
 
Moreover, the shareholders of the Bank of Maldives have approved a total dividend payout of MVR 258 million, or MVR 48 per share, reflecting the bank's best-ever performance in 2021. The Bank paid out MVR 80.7 million in final dividends in 2020, at a rate of MVR15 per share. The total dividend payout for 2021 is MVR 258 million, with the Government, as the largest shareholder, receiving MVR 131 million in dividends and an additional MVR 543 million in taxes.