The Maldives Islamic Bank (MIB) will pay out MVR 2.90 per share as dividends for 2023, the bank has confirmed. This will bring MIB’s total dividend payout to MVR 65 million.

MIB’s board of directors will decide on a 37 percent distribution of total profits to shareholders when it is put to a vote at the bank’s 14th Annual General Meeting (AGM). According to MIB, this will be the largest dividend payout to shareholders since the venture was publicly listed.

MIB posted a net profit of MVR 177 million last year; MVR 56 million more than in 2022. The company posted revenue of MVR 401 million for 2023; MVR90 million more than the previous year.

MIB said it had expanded its services significantly last year giving customers access to banking services wherever they were located by leveraging modern approaches and technologies.

Dividends will be available to those who are registered in the bank’s shareholders’ registry as of 8 May.

MIB was listed as a public company in 2019, with a total of 16,144 shareholders subscribed to 6,975,000 shares representing 31% of the bank’s share capital. Of this 99.63% are individual shareholders and 0.37% are institutional shareholders.