The total dividend payout for the year 2022 is MVR 215 million and the Government, as the biggest shareholder, stands to benefit with MVR 125 million as dividend and over MVR 500 million as tax for the year 2022.
Source: Bank of Maldives
Bank of Maldives shareholders have approved a total dividend payout of MVR 215 million with MVR 40 per share, at the Bank’s Annual General Meeting held at the Islamic Centre on the 29 May 2023.
The total dividend payout for the year 2022 is MVR 215 million and the Government, as the biggest shareholder, stands to benefit with MVR 125 million as dividend and over MVR 500 million as tax for the year 2022.
Speaking at Bank of Maldives’ Annual General Meeting, CEO and Managing Director Karl Stumke highlighted the Bank’s future vision and strategy built on the three core pillars of Treating Customers Fairly, Digitalization and Sustainability.
“Treating Customers Fairly needs to be central to our corporate culture. We need to ensure that our products and services perform to the standard that the customer expects and are designed to meet the needs of the specific target segments. This year, we have significantly reduced interest rates on our student loans to 5% and reduced the overdue interest fee to 2% per month. Despite the Federal Reserve increasing interest rates 9 times over the past year, the Bank has not increased local rates and instead, absorbed these additional costs to ease the interest burden to our customers.”
On Digitalization, Karl commented “We have made progress, but our digital journey must continue. It is only through full automation that we can reduce errors, improve efficiencies, and give our customers the control to decide when, how and where they want to bank. We plan to bring positive changes to many of the products and services that currently require manual intervention and at the same time, add new security controls and increase our digital support platforms.”
Commenting on the Bank’s future, Karl stated that while expecting competition, the bank will strive to continue to be the Bank of Choice in the Maldives. Since the bank's dominance in the domestic market constrains its ability to grow exponentially, CEO emphasized the need to seek new avenues and external markets for income generation.
"Our success will be measured by the customers ‘wanting’ to bank with us versus ‘having’ to bank with us and we must do everything in our power to make this paradigm shift.”
