MIB records over MVR 113M in profit in 2026 Q1

Maldives Islamic Bank (MIB) has reported a strong financial performance for the first quarter (Q1) of 2026, recording a profit of MVR 113.5 million, reflecting sustained growth and operational resilience.

This represents an increase of MVR 18.12 million compared to the last quarter of last year.

By the end of Q1 2026, the bank’s total assets had grown by 11.11 percent, rising from MVR 16.65 billion to MVR 18.50 billion, underscoring the continued expansion of its balance sheet and strengthening market presence. This marks an increase of MVR 1.85 billion.

The bank also recorded operating profit of MVR 163 million, representing an increase of MVR 37 million compared to the preceding quarter.

Customer deposits likewise experienced significant growth in Q1 2026, with a 12.89 percent increase compared to the last quarter of last year, bringing total deposits to MVR 15.40 billion by the end of the quarter.

The rise in customer deposits reflects increasing trust and confidence in the bank. In this regard, deposits have grown by more than MVR 5 billion between Q1 2025 and Q1 2026.

During Q1 2026, MIB also supported corporate social responsibility initiatives, particularly in the areas of education, culture, and sustainability, through programs such as the STEM Hub Project, the Al-Lail Academy Quran Competition, and ongoing coral restoration efforts under the MIB Faru initiative.

MIB reiterated its commitment to delivering high-quality services aimed at strengthening customer confidence.