Quarterly Reporting: MIB Q3 profit rises 19% to MVR 133 million

Maldives Islamic Bank (MIB) reported a net profit after tax of MVR 133.0 million for the third quarter of 2026, up from MVR 111.4 million in the second quarter and MVR 92.4 million in the third quarter of 2025. Earnings per share were MVR 5.55.

Total revenue was MVR 296.9 million, up 4.3% on the previous quarter and 29.6% on a year earlier, helped by growth in both net fund-based income and net fee and commission income. The bank said net impairment losses on financial assets fell to MVR 0.39 million from MVR 21.25 million in the second quarter. Operating costs before provisions rose to MVR 119.2 million from MVR 114.8 million.

Q3 compared with earlier quarters

*Calculated from net profit and the bank’s 23.96 million shares.

Balance sheet

Total assets reached MVR 20.30 billion at the end of September, up 5.15% on the quarter and 35.8% on a year earlier. Customer deposits rose 5.77% on the quarter to MVR 17.16 billion, up 41.6% year on year. Net financing grew 5.22% to MVR 9.48 billion, up 34.1% on a year earlier. Total equity rose to MVR 1.69 billion from MVR 1.55 billion in June. The bank paid MVR 129.6 million in dividends in the second quarter and none in the third.

Customer activity

Internet and mobile banking actions rose to more than 33.67 million from 29.95 million. Logins rose to more than 14.5 million from 13.53 million, but MIB changed how it counts logins this quarter to cover total activity across channels, so earlier quarters on the old basis are not comparable. ATM transactions were above 570,000, POS transactions above 2.9 million and card transactions above 4.01 million.

Business developments

• FaisaRemit: MIB launched the digital remittance service, available through FaisaNet, for transfers of USD 50 to USD 5,000 to 15 countries.

• India UPI corridor: the bank supported the Maldives Monetary Authority’s link between the Favara payment system and India’s UPI, currently for person-to-person transfers up to USD 250 a month.

• Network: a full branch opened in B. Eydhafushi, inaugurated by Finance Minister Hassan Zareer, and three new 24-hour ATMs opened in Kendhoo, Goidhoo and Thulhaadhoo. The bank now has 8 branches, 9 sales centres and 65 ATMs and cash recycling machines across 16 atolls.

• Awards: the bank won the Maldives Monetary Authority’s inaugural Excellence in Financial Inclusion award and the WOMANi Leadership Award for Career Advancement 2026 from Cambridge IFA.

Share price and shareholders

MIB shares last traded at MVR 117.99 on 30 September, in a quarterly range of MVR 96.00 to MVR 125.25. The weighted average price was MVR 113.59, and 6,846 shares changed hands in 274 trades. Market capitalisation was MVR 2.72 billion. Annualised, the dividend yield was 4.76% and the price to earnings ratio 5.70. The bank has 16,389 shareholders. The shareholding structure was unchanged from the second quarter:

• ICD: 33.01%

• Government of Maldives: 28.01%

• Maldives Pension Administration Office: 10.53%

• Amana Takaful: 8.03%

• Public shareholders: 20.42%

Board

The term of Aminath Irthiyasha, the Pension Office’s nominee director, ended on 30 July. The board also shortlisted candidates for the elected director position, subject to the Maldives Monetary Authority’s fit and proper approval. MIB has called an extraordinary general meeting for 10 November to appoint a nominee director and an elected director. The regulator imposed no penalties, and there were no material transactions with directors or substantial shareholders beyond the ordinary course of business.

The figures are unaudited management accounts.