Maib reports net profit of 36.1 million Euro, up 5.6 percent in the first semester

Maib, the largest bank in Moldova, reports solid performance in the first semester of 2024. The net profit reached MDL 694.3 million, equivalent to EUR 36.1 million, a 5.6 percent increase YoY (year-on-year).

Giorgi Shagidze, CEO maib: „I am pleased with the results achieved in the first half of 2024 when maib has strengthened its market position alongside an increase in profit. Our mobile application continues to be a key driver of the bank’s growth, offering both a user-friendly experience and an increasingly wide range of services. The maibank app has already surpassed 676k users, a significant increase of 35 percent over a year. Thanks to our strong digital platform, we have the capacity to explore new ambitious growth avenues. The bank’s profitability has made possible a record dividend payment of MDL 7.3 per share, as well as the upcoming share buyback program. I express my gratitude to the maib team and customers, as well as to our shareholders and partners, for the results achieved.”

In the first six months of 2024, 72 percent of all retail deposits were opened online, and the share of retail loans contracted online was 67 percent. In the future, maib is considering the possibility of international expansion with an exclusively digital offering in Romania, focused on the needs of the Moldovan diaspora and the subsequent expansion of services to the Romanian consumer market.

Highlights in the first half of 2024:

• Maib’s market shares as of 30 June 2023, were as follows:

o          Market share of total assets – 35.8 percent, up by 1.8 pp YoY;

o          Market share of total loans – 38.0 percent, up by 0.6 pp YoY;

o          Market share of total deposits – 36.1 percent, up by 1.8 pp YoY;

• The net interest margin (NIM) reached 4.1 percent in Q2 2024, a quarterly decrease of 0.3 pp.
• As of June 30, 2024, total assets amounted to MDL 57,666 million, an increase of 10.3 percent compared to December 31, 2023.
• The total loans granted by the bank amounted to MDL 26,288 million, an increase of 11 percent compared to the end of last year.

Moldova’s economy grew by 1.9 percent in the first quarter of 2024. According to relevant forecasts, economic growth is expected to reach 2.8 percent this year and 3.8 percent next year. The presidential elections are scheduled for October this year, on the same date as the constitutional referendum on Moldova’s accession to the European Union.