MIB announces a net profit of MVR 25.6 million for Q4 of 2019

Maldives Islamic Bank (MIB) ended 2019 with strong financial results well above earlier projections, marked by a net profit of MVR 25.6 million in the fourth quarter.

According to the bank, its MVR 25.6 million net profit in Q4 is a 13.8 percent increase from Q3.

Meanwhile, its total operating income increased by 11.4 percent to MVR 68.7 million, and the value of net assets per share rose from MVR 23.56 to MVR 24.7.

It also achieved a 14 percent growth in its earnings per share.

MIB had gone public in 2019. According to the bank, its initial public offering (IPO), which was launched on July 24 and concluded on September 22, was one of the most successful IPOs in the recent history of the local capital market, marked by an oversubscription of 46 percent.

MIB was listed on the Maldives Stock Exchange with over 16,000 shareholders on November 17.

HIGHLIGHTS OF MIB’S ACHIEVEMENTS IN Q4 2019

• Silver Award for Product of the Year 2019 at Islamic Finance Forum of South Asia (IFFSA) for MIB’s mobile banking application, FaisaMobile.
• Opening of Baazaaru Customer Care Center and introduction of Online Queue System to improve quality of its customer care services.
• Introduction of children’s savings accounts, Kaamiyaabu Kids.

The bank has announced plans to continue expanding its ATM network, POS terminals, mobile and online banking services, and continue to actively participate towards development and promotion of Islamic economic and financial system in Maldives.