Best bank: Bank of Maldives
Under the leadership of chief executive Karl Stumke, Bank of Maldives, the country’s best bank, has delivered on its strategic priorities in 2023, resulting in a strong financial performance and substantial customer acquisition.
AfE 2024
The bank, which is listed but majority owned by the government, has achieved a record-breaking profit after tax of approximately $129 million. This has prompted the bank to propose its highest ever dividend payout. Total assets have witnessed a robust 9% growth, while operating profit has surged by 7% year on year. New loans have expanded by 14% and deposits have grown by 5%, further solidifying the bank’s financial position.
The customer base has experienced substantial growth, with 23,000 new customers opening 66,000 accounts in 2023. In large part, this can be attributed to the bank’s pursuit of digital transformation.
A