Bank of Maldives (BML) has said that they had received up to MVR 1.416 billion as profts before tax in 2017.

According to 2017's audited financial statements and annual report published by BML on Thursday, they had seen an exceptional record of it's best financial performance in the history of the bank.

While profit before tax had reached MVR 1.416 billion, this amount is an increase by 4% in whole and up to 20% on an underlying basis compared to 2016.

According to BML accounts, MVR 2.3 billion had been received as income last year, which is an 8% growth compared to the previous year.

Customer deposits had also risen by 15% which in the bank's words was 'well ahead of market growth levels', while capital and liquidity ratios surpassed the regulative requirements.

While profits for the bank had expanded by an exceptional percent, the bank's Board had recommended an increase in dividend payout of 10% for 2017 to MVR 118.4 million, MVR 22 per ordinary share.

According to the bank, this is a record breaking experience of improvement in the history of the bank.

BML CEO and Managing Director, Andrew Healy said that “the past year has further strengthened our confidence in the Bank’s strategic direction," adding that "the results show an increasingly robust bank which is continuing to simultaneously grow and invest.

"I would like to extend my thanks to our wonderful team of staff for their extraordinary dedication during the year. Thank you also to all our customers, old and new, for your support. You can be assured we will continue to work hard and humbly to meet your expectations," he added.

While profit before tax had reached a record amount in the past year, the bank had also seen an increase in their investments in community projects by twofold under their 'Aharenge Bank' initiative which reached out to different corners of the nation in support of educational, charitable, environmental and sports causes, having invested about MVR 300 million in various projects.