“We have a great team at the heart of the bank” – BML CEO

Bank of Maldives CEO and Managing Director Tim Sawyer was all praise to the employees of the bank in dedicating uninterrupted services to customers despite the Covid-19 pandemic.

While speaking during the online Annual General Meeting of BML held on Thursday, 15 July, Mr. Sawyer had stressed on the role played by the bank in supporting Maldives during the pandemic.

Moreover, he had firmly reiterated the bank’s stance in remaining committed to serve alongside Maldivians “through these extraordinary and challenging times.”

Speaking about the previous year’s experiences, Mr. Sawyer said “we understood the potential economic impact of Covid early on and laid out a strategy to support the country and keep the economy afloat.”

BML had continued their banking services while supporting its customer-base who had been financially impacted by the global viral pandemic.

In 2020, the bank had announced short-term financing options and loan moratoriums while BML had stepped up to deliver government lending schemes as well as administering the EIB Covid-19 Recovery Loan scheme.

The bank more recently, had commenced the Economic Stimulus Loan scheme for which application window will remain open until 17 July 2021.

“We secured almost USD90 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” said Mr. Sawyer while highlighting the bank’s strategy to commandeer through the pandemic.

The bank made a profit after tax of MVR325 million for the year 2020, which was a 60% reduction compared to the figures of 2019.

However, the bank had continued in its growth “welcoming more than 12,000 new customers” and recorded more than MVR3 billion in new lending during the last year.

BML’s CEO remained hopeful for the current year while noting that the bank was in a financially better position that it was in 2020. He also remained confident in gaining “lost footing” noting that the great team “at the heart of the bank” were committed to overcome the challenges and work for a sustainable growth.