MIB Issues 2nd Quarter Report

Maldives Islamic Bank (MIB) has reported a net revenue of MVR 79.39 million for the second quarter of this year, marking a remarkable 97 percent increase compared to the same period in 2023.

According to MIB's quarterly report, the bank's revenue totaled MVR 56 million, with total deposits rising to MVR 8.21 billion, up from MVR 7.58 billion in the first quarter of this year. These figures indicate a growing trend in the funds held at the bank.

MIB attributes this significant growth to transformative changes in the country's banking sector and the public's continued trust in the bank, despite the challenging economic environment. The bank has also noted an increase in young entrepreneurs choosing MIB for their business needs.
Key to this success, MIB highlights the convenience of online account opening, self-service internet banking setup, instant card issuance, and robust security features. The bank is committed to further modernizing its services and expanding its online offerings across the country.