Bank of Maldives (BML) Chief Executive Officer Mr. Timothy Sawyer has confirmed that the national bank of the country has expectedly paid MVR543 million in taxes.
According to the Chief Executive of BML, apart from taxes, the bank has paid a total of MVR131 million as dividends to the state.
Mr. Sawyer, while addressing the robust financial performance of the previous year, which had regarded as reaching the strongest levels ever to date, said that the profits in 2021 increased over 470% to MVR1.9 billion after tax deduction.
In 2019, BML had paid a total of MVR423 million in taxes to the state, marking a solid MVR251 million improved in 2021.
“I would argue the bank is in the strongest position it has ever been. Profits are good, the balance sheet is strong, bad debts are under control, the moratorium effects are unwinding, digitization is proceeding apace and customer service is slowly starting to improve,” said Mr. Sawyer.
While addressing the bank’s current vision and commitment, Mr. Sawyer further added, “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.”
Additionally, the bank’s front-man further attested that the bank generated profits of MVR544 million for the first quarter of 2022, observing an increment of over 55% when compared with the corresponding quarter in 2019.