Maldives Islamic Bank (MIB) has reported a net profit of USD 1.66 million in the fourth quarter of the year 2019.
According to a report publicised by MIB, the profits surpass the forecasted profit amounts by MIB with an 11.4% increase in operational profits. The operational profits have reached USD 4.46 million. The net asset value per share has also increased from USD 1.53 to USD 1.60, increasing per share profits by 14%.
MIB became a publicly listed company by selling shares to the public between July 24, 2019 and September 22, 2019. The bank received requests to buy 46% more shares than the share amounts that had been decided. With the reception it had, the bank registered at Maldives Stock Exchange on November 17, 2019 with 16,000 shareholders.
The mobile application developed by MIB received silver award from the Best Product category in the Islamic Finance Forum of the year 2019.
The bank opened a customer service centre to improve services it renders to the people. Additionally, an online queue system, a saving account for kids was also introduced in the final quarter.
The bank aims to add more branches, install POS terminals and expand mobile banking experience for customers. It also plans to develop Islamic finance in the Maldives.