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Maldives Islamic Bank�s customer deposits reach MVR5.5 billion (US$355.74 million) in Q1 2023

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Date
2023
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Abstract
In the financial report of Maldives Islamic Bank (MIB) published for Q1 2023, it is reported that during the said quarter, total assets of the bank reached MVR6.59 billion (US$426.25 million), recording a growth of 6.36% compared with Q4 2022 while customer deposits grew by 6.97% to MVR5.5 billion (US$355.74 million) from MVR5.14 billion (US$332.46 million) recorded for the previous quarter. MIB�s financing portfolio continued to yield a positive growth trajectory with MVR3.01 billion (US$194.69 million) recorded as net receivables from financing activities at the end of Q1 2023 compared with MVR2.82 billion (US$182.4 million) for Q4 2022. The total revenue figure continued its upward trend to reach MVR103.64 million (US$6.7 million) by the end of the quarter, compared with MVR96.21 million (US$6.22 million) recorded for Q4 2022, a growth of 7.72%. Net profit for the quarter was recorded at MVR42.3 million (US$2.74 million), compared with MVR20.94 million (US$1.35 million) recorded for Q4 2022. At the end of Q1 2023, earnings per share improved to MVR1.88 (US$0.12) from MVR0.93 (US$0.06) recorded for Q4 2022 while net assets per share grew to MVR36.69 (US$2.37) from MVR34.81 (US$2.25) in the same period.
Keywords
Maldives Islamic Bank , Bank , Customer deposits
Citation
Muneeza, A. (2023). Maldives Islamic Bank�s customer deposits reach MVR5.5 billion (US$355.74 million) in Q1 2023. Islamic Finance News, 20(20), 16
Publisher
Redmoney
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