BML in 2017: Growth in Profitability, Contribution to Economy, Society

Bank of Maldives (BML) held their Annual General Meeting over the week, where the Bank focused on their successes in the past year. Here is a look into their highlights

Financial Performance
BML’s profitability had increased in the past four years mainly due to solid business growth as well as a reduction in bad loans. The total number of non-performing loans had dropped to 4.1 percent in 2017 from 20.3 percent in 2014.
This has increased their profitability with the returns going towards their shareholders. BML shareholders had witnessed a 240 percent appreciation in their share prices.

Customer Experience

Customer experience was also given priority, focusing mainly on giving autonomy to customers using technology. BML reported that nine out of every 10 transactions were carried out online by customers. The total number of transactions last year amounted to 30 million transactions. Routine transactions are now carried out mostly by customers using mobile, internet and self-service ATMs. BML has increased its branch network by 30% over the past 4 years and has doubled its number of ATMs, including 35 new self service banking centres. Every atoll now has a BML branch and every inhabited island has a branch, ATM or agent.

All this had translated to an improvement in service standards where ‘customer satisfaction is currently ahead of local banks and eight percent ahead of the average for the Asian region’.

Contribution to Economy and Community
BML Chief Executive Officer Andrew Healy reported that BML had contributed over MVR 1.3 billion in taxes and dividends in this period.

BML embarked on an ambitious Corporate Social Responsibility movement with their ‘Aharenge Bank’ program, investing MVR 300 million. By re-investing earnings and investing into the community and the economy, BML had impacted every inhabited island.

“I hope you will feel we have delivered on the promises we made regarding the Bank’s performance and direction. We’re in solid financial shape today, our risk management and service standards are robust and we’re putting our earnings back into the communities we serve. I would like to particularly highlight the enormous efforts of our staff. They have incredible attitude more than anything which when we combine this with their ability, makes us a formidable team. I believe we can together look forward to the future with confidence,” said CEO Andrew Healy.

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