The Maldives Islamic Bank (MIB) has posted a net third quarter (Q3) income of MVR 123.55 million, an increase of 12.07 percent compared to the MVR 110.24 million in the second quarter (Q2) this year. This is a 46.8 increase over the same period last year, surpassing the 2022 Q3 revenue of MVR 84.11 million.

MIB reported operating expenses of MVR 53.97 million for Q3. The figure stood at MVR 53.75 million in Q2.

The bank posted a net profit of MVR 53.14 million in Q3 and a net profit of MVR 40.20 million in Q2. MIB’s net profit for Q3 marks a significant year-on-year improvement. According to the the financial results, the net profit for 2023 rose by 44.14 percent. The bank reported a net profit of MVR 36.86 million for the corresponding quarter last year.

MIB, the first Sharia-compliant bank in Maldives, was launched in March 2011. The bank was a partnership venture between the Maldivian government and the Islamic Corporation for the Development of the Private Sector (ICD). The government invested 15 percent with ICD investing the remaining 85 percent.

The bank opened its initial public offering (IPO) in July 2019 by offering 31 percent to public shareholders. Approximately 99 percent of traded shares are held by individuals with the remaining one percent held by companies and institutional investors.