MIB Asset Value Surpasses MVR 10 Billion
The Maldives Islamic Bank (MIB) reported its asset value surpassed MVR 10 billion for the first time, reaching MVR 10.42 billion in the last quarter, a 34.31% increase from Q3 2023. The bank's financing portfolio grew to MVR 5.48 billion (up 45.55%), deposits to MVR 8.46 billion (up 26.46%), revenue by 50.80%, and net profit to MVR 81.71 million (up 53.76%). MIB, which is 28% state-owned, attributed growth to technology-enabled changes, including online account opening and digital Ujala financing, and branch expansion.
The Maldives Islamic Bank (MIB) reported its asset value surpassed MVR 10 billion for the first time, reaching MVR 10.42 billion in the last quarter, a 34.31% increase from Q3 2023. The bank's financing portfolio grew to MVR 5.48 billion (up 45.55%), deposits to MVR 8.46 billion (up 26.46%), revenue by 50.80%, and net profit to MVR 81.71 million (up 53.76%). MIB, which is 28% state-owned, attributed growth to technology-enabled changes, including online account opening and digital Ujala financing, and branch expansion.
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The Maldives Islamic Bank (MIB) reported its asset value surpassed MVR 10 billion for the first time, reaching MVR 10.42 billion in the last quarter, a 34.31% increase from Q3 2023. The bank's financing portfolio grew to MVR 5.48 billion (up 45.55%), deposits to MVR 8.46 billion (up 26.46%), revenue by 50.80%, and net profit to MVR 81.71 million (up 53.76%). MIB, which is 28% state-owned, attributed growth to technology-enabled changes, including online account opening and digital Ujala financing, and branch expansion.
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