MIB reports strong second quarter performance

Maldives Islamic Bank (MIB) has announced significant growth across key business sectors in the second quarter of the current fiscal year compared to the first quarter.

The bank's asset base and deposit base each increased by MVR 1 billion. MIB's asset value rose from MVR 12.49 billion at the end of the first quarter to MVR 13.45 billion in the second quarter. Deposits similarly increased from MVR 10 billion to MVR 11 billion during the same period. The bank also reported providing MVR 6.57 billion in financing by the end of the second quarter, with a net profit of MVR 182.97 million for the quarter.

Beyond financial metrics, MIB saw an increase in digital banking activity. Internet and mobile banking transactions grew from MVR 12 million to MVR 14.9 million, and card transactions increased from MVR 1.89 million to MVR 2.29 million.

MIB is the Maldives' first and only full-fledged Islamic bank. The bank is actively expanding its services throughout the country and states it provides modern banking services, including instant account opening and online access to all banking services without requiring a physical visit to the bank.