Maldives Islamic Bank Profit Rises 44% to MVR 133 Million in Third Quarter
Customer deposits grew more than 40% in a year to MVR 17.16 billion, and almost no money was set aside for bad financing in the quarter, the bank's filing shows.
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Maldives Islamic Bank (MIB) made a net profit of MVR 133.0 million in the three months to 30 September, 44.0% more than the MVR 92.4 million it earned in the same quarter of 2025, according to its third-quarter report filed with the Capital Market Development Authority on 1 November.
Profit was also 19.4% higher than the MVR 111.4 million recorded in the second quarter of this year. Total operating income for the quarter rose 29.6% from a year earlier to MVR 296.9 million.
The bank said the improvement came from higher operating income and a sharp fall in impairment charges. It set aside MVR 0.39 million for expected losses on financing in the quarter, compared with MVR 21.3 million in the second quarter and MVR 15.8 million a year earlier.
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MIB is a fully Sharia-compliant bank, so its main income is profit from financing rather than interest. Income from financing reached MVR 323.1 million in the quarter, against MVR 243.1 million a year earlier. Profit paid to customers on their accounts rose to MVR 76.3 million from MVR 53.5 million, leaving net fund-based income of MVR 246.8 million. Net fees and commissions added MVR 50.3 million, up from MVR 39.3 million.
Expenses before provisions rose 32.3% from a year earlier to MVR 119.2 million, led by staff costs of MVR 64.3 million. Income tax was MVR 44.3 million.
The balance sheet grew quickly over the year. Customer deposits reached MVR 17.16 billion at the end of September, 41.6% more than the MVR 12.11 billion a year earlier. Net financing rose 34.1% to MVR 9.48 billion, and total assets rose 35.8% to MVR 20.30 billion.
The capital adequacy ratio, a measure of the bank's buffer against losses, was 16.61%, up from 16.22% at the end of June. Earnings per share for the quarter were MVR 5.55.
Step Back
MIB was set up under a 2009 agreement between the Islamic Corporation for the Development of the Private Sector, part of the Islamic Development Bank Group, and the Maldivian government, represented by the Ministry of Finance. It opened in March 2011 and has been listed on the Maldives Stock Exchange since November 2019. Members of the public own 20% of its shares.
The bank has eight branches, nine sales centres and 65 cash machines across 16 atolls, according to the report. It had 16,389 shareholders at the end of September, and its market value was about MVR 2.72 billion.
Shareholders will meet online on 10 November for an extraordinary general meeting, the bank announced on 26 October. The agenda covers the appointment of a nominee director and of a director elected by public shareholders.
