MIB records MVR 133 million profit in Q3, with assets up 5.15% and revenue rising 4.32%

Maldives Islamic Bank (MIB) posted a net profit of MVR 133 million in the third quarter of this year, according to the bank’s latest quarterly report. 

The bank recorded MVR 111.42 million in net profit in the second quarter, reflecting a 19.4 percent increase quarter-on-quarter. Compared to the third quarter of last year, when net profit stood at MVR 92.39 million, profit rose 44 percent.

MIB’s total assets increased by 5.15 percent over the second quarter, rising from MVR 19.31 billion to MVR 20.30 billion. Year-on-year, assets grew 35.8 percent, up from MVR 14.95 billion in the same quarter last year.

The bank posted revenue of MVR 296.89 million in the quarter, a 4.32 percent increase from the MVR 284.60 million recorded in the second quarter. Revenue was 29.6 percent higher than the MVR 229 million posted in the third quarter of last year.

Customer deposits reached MVR 17.16 billion, up 5.77 percent from MVR 16.22 billion in the second quarter. Financing stood at MVR 12.11 billion, a 41.6 percent increase compared to the same quarter last year.

Equity rose to MVR 9.48 billion, increasing 5.22 percent over the second quarter and 34.1 percent year-on-year.

Digital banking usage continued to grow strongly. MIB recorded more than 14.5 million mobile and internet banking logins last quarter, a 33.7 percent increase from the 13.5 million logins in the second quarter. The bank also processed over 570,000 ATM transactions, 2.9 million POS transactions, and more than 4.01 million card transactions, marking a record high.

MIB said its priorities for the quarter included improving customer experience, expanding financial services, strengthening digital banking capabilities, and advancing sustainability initiatives.