The asset value of the Maldives Islamic Bank (MIB) stood at MVR 10.42 billion last quarter, the 28 percent state-owned bank has revealed.
This is the first time the bank has breached the MVR 10 billion mark; up 34.31 per cent over the third quarter (Q3) of 2023.
MIB’s financing portfolio increased to MVR 5.48 billion over the last quarter; up 45.55 percent from Q3 of 2023.
Meanwhile the bank’s deposit base increased to MVR 8.46 billion in Q2 of this year; a 26.46 percent increase over the previous year.
Revenue grew by 50.80 percent over the same quarter last year.
Net profit stood at MVR 81.71 million for Q3; up 53.76 percent over the previous year.
MIB has been making significant progress in all quarters of the year as it continued to introduce significant technology-enabled changes to operations.
The bank has made it easier for customers to access services without visiting the bank—including facilitating opening accounts and bringing its Ujala financing online—while also increasing the number of its branches.