The Maldives Islamic Bank (MIB) has recorded a revenue of USD8 million for the third quarter, which is a growth of 12% compared to USD7.1 million for the second quarter of 2023.
The quarterly report shows that the revenue recorded in the third quarter is 47% higher than the USD5.5 million recorded in the third quarter of 2022. In addition, the net profit for the third quarter this year was recorded at USD3.4 million, which is an increase compared to USD2.6 million recorded for the second quarter. It is the highest net profit the bank has earned in a single quarter during the year. The upwards trend remains consistent when compared to the third quarter of 2022, as the profit registered during the third quarter of 2023 is 44.14% higher than the same period in 2022.
By the end of the third quarter, the total assets of MIB reached USD508 million, recording a growth of 12.12% compared to the previous quarter. It marks a growth of more than 38.62% in assets when compared to the same quarter of the previous year. The positive growth trajectory of the bank’s financing portfolio continued, as more than USD245 million was recorded as net receivables from financing activities at the end of last quarter, compared to USD211 million recorded for the second quarter of 2023. It is a growth of 16% in one quarter and 41.11% growth compared to the same quarter of the preceding year.
MIB stated that the third quarter of 2023 is momentous for MIB on multiple fronts, categorised by multiple market firsts, unique and innovative digital solutions. Last quarter, the bank’s performance was driven majorly by the multiple new and unique digital innovations the bank rolled out to the market. The results achieved by MIB during the third quarter directly correspond with these investments and targeted business growth efforts. By the end of the quarter, the bank stated that its books reached new highs, whilst remaining resilient, adding that the business lines performed positively when compared with the budget.