Maldives Islamic Bank Achieves Record Profit and Asset Growth in Third Quarter

Maldives Islamic Bank (MIB) reported a significant net profit of MVR 82 million in the third quarter of this year, marking a remarkable 54% increase compared to the same period in 2023. The bank’s third-quarter report, released today, reveals that MIB’s asset base reached a milestone of MVR 10 billion, the highest in the bank's history and a 34% growth from the previous year.

This impressive financial performance reflects the bank's robust expansion across key financial metrics. The financing portfolio grew to MVR 5 billion, indicating a 45% increase from last year’s third quarter, while the bank’s deposit base reached MVR 8 billion in the second quarter, demonstrating a 26% year-on-year increase.

The report also highlighted MIB’s strong revenue growth, which rose by 51% from the third quarter last year. This consistent upward trajectory across all three quarters of 2024 underscores MIB's solidified position in the Maldivian banking sector, offering Sharia-compliant banking solutions to a growing customer base.

Founded in 2011, Maldives Islamic Bank is the country’s first full-fledged Islamic bank and has played a central role in promoting Islamic finance in the Maldives. The bank's significant third-quarter performance comes amid rising demand for Islamic banking services within the Maldives. MIB credits its continued success to a focused expansion strategy, product diversification, and customer-centric improvements.

The record-breaking profit and asset figures underscore MIB’s strong financial foundation and commitment to growth.