Maldives Islamic Bank reported record third-quarter earnings, with net income of MVR 123.55 million, up 12.07 percent from the second quarter and 46.8 percent above the same period a year earlier. Net profit for Q3 reached MVR 53.14 million, a 44.14 percent year-on-year rise.
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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.
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an increase of 12.07 percent compared to the MVR 110.24 million in the second quarter (Q2) this year.
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This is a 46.8 increase over the same period last year, surpassing the 2022 Q3 revenue of MVR 84.11 million.
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Earlier reports gave 17.3 percent 13 Sep, 21:21 Maldives Republic
surpassing the 2022 Q3 revenue of MVR 84.11 million.
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MIB reported operating expenses of MVR 53.97 million for Q3.
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The bank posted a net profit of MVR 53.14 million in Q3 and a net profit of MVR 40.20 million in Q2.
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The bank posted a net profit of MVR 53.14 million in Q3 and a net profit of MVR 40.20 million in Q2.
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According to the the financial results, the net profit for 2023 rose by 44.14 percent.
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The bank reported a net profit of MVR 36.86 million for the corresponding quarter last year.
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The government invested 15 percent with ICD investing the remaining 85 percent.
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The government invested 15 percent with ICD investing the remaining 85 percent.
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The bank opened its initial public offering (IPO) in July 2019 by offering 31 percent to public shareholders.
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Approximately 99 percent of traded shares are held by individuals with the remaining one percent held by companies and institutional investors.
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MIB, the first Sharia-compliant bank in Maldives, was launched in March 2011.
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The bank opened its initial public offering (IPO) in July 2019 by offering 31 percent to public shareholders.
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