MIB Reports Q3 Net Profit of 133 Million Rufiyaa, Up 19.4%

Maldives Islamic Bank (MIB) has reported a net profit of 133 million rufiyaa for the third quarter of this year, according to the bank's quarterly report. This represents a 19.4% increase compared to the net profit of 111.42 million rufiyaa recorded in the second quarter. Compared to the same period last year, net profit rose by 44% from 92.39 million rufiyaa. The report shows that MIB's assets increased by 5.15% quarter-on-quarter, reaching 20.30 billion rufiyaa in the third quarter, up from 19.31 billion rufiyaa in the previous quarter. Year-on-year, assets grew by 35.8% versus the 14.95 billion rufiyaa reported in the third quarter of last year. Revenue for the last quarter amounted to 296.89 million rufiyaa, an increase of 4.32% from the 284.60 million rufiyaa earned in the second quarter and 29.6% higher than the 229 million rufiyaa recorded in the third quarter of last year. Customer deposits stood at 17.16 billion rufiyaa in the last quarter, up 5.77% from 16.22 billion rufiyaa in the previous quarter and 41.6% higher than the 12.11 billion rufiyaa deposited in the same quarter last year. Financing reached 9.48 billion rufiyaa, a 5.22% increase from 9.01 billion rufiyaa in the second quarter and a 34.1% jump from 7.07 billion rufiyaa in the third quarter of last year. On the digital banking front, MIB reported that customers accessed its mobile and internet banking services more than 14.5 million times in the last quarter, a 33.7% increase from over 13.5 million accesses in the second quarter. Additionally, the bank recorded over 570,000 ATM transactions, over 2.9 million point-of-sale (POS) transactions, and over 4.01 million card transactions during the period. MIB stated that the greatest emphasis in the last quarter was placed on improving customer experience, expanding financial services, and enhancing digital banking capabilities to sustainably grow the business.