Publication:
Maldives Islamic Bank's total assets reach MVR6 billion (US$388.23 million)
Abstract
In the Q4 report of 2022, it is stated that Maldives Islamic Bank (MIB)'s total assets reached the MVR6 billion (US$388.23 million) mark. According to the report, this is a growth of 8.93% compared with Q3 2022 and customer deposits also grew by 10.49% to MVR5.11 billion (US$330.64 million) from MVR4.62 billion (US$298.94 million) in the earlier quarter. Total revenue for the quarter was the highest recorded during the year as it stood at MVR92.01 million (US$5.95 million) compared with MVR84.11 million (US$5.44 million) in the previous quarter, a growth of 9.39%. Although the net profit for the quarter dropped to MVR21.57 million (US$1.4 million) from MVR36.86 million (US$2.39 million) registered for Q3 2022, the bank was able to finish the year with the highest net profit recorded since the COVID-19 pandemic. The position of the net asset per share also improved to MVR33.2 (US$2.15) from MVR32.24 (US$2.09) recorded during Q3.
Keywords
Maldives Islamic Bank (MIB) , Assets
Citation
Muneeza, A. (2023). Maldives Islamic Bank's total assets reach MVR6 billion (US$388.23 million). Islamic Finance News, 20(11), 14.
Publisher
Redmoney