Following a successful year for Bank of Maldives, CEO and Managing Director Mohamed Shareef addressed shareholders at its Annual General Meeting held tonight, outlining the Bank’s solid financial performance, continued digital transformation, and sustained support for customers and communities.

Speaking about the Bank’s financial position, Shareef commented “The Bank reported its best-ever performance in 2024 with a record Profit After Tax of MVR 2.25 billion in 2024, an 8% increase year on year. Total assets surpassed MVR 48 billion and deposits stood at MVR 32 billion, representing 58% of the market, a clear reflection of customer confidence. The Bank’s Total Capital Adequacy Ratio stands at a robust 58%, significantly above regulatory requirements, reflecting our strong financial position.”

On the back of strong financial performance, Shareef highlighted the ongoing investment in the Bank’s digital journey, the results of which continue to set the benchmark in the Maldivian financial industry. Shareef noted that “a remarkable 99% of the Bank’s financial transactions are now made through our digital channels. This amounts to over 220 million transactions worth over MVR 540 billion.”

Looking to the future, Shareef continued “we are working towards the goal of becoming the best digital bank in the region and are excited about the possibilities that lie ahead in our digital transformation journey. The team we have at Bank of Maldives is, as always, our greatest asset. We are proud of our dedicated, long-serving, and loyal workforce. Their commitment and hard work drive the Bank forward every day. By investing in our people, we ensure that they are empowered to serve our customers with excellence.”