MIB to Allocate MVR 65 Million in Profit Share

Maldives Islamic Bank (MIB) has revealed plans to distribute MVR 65 million to its shareholders, which translates to MVR 2.90 per share, a 65% increase from the previous year’s allocation.

The bank’s decision to distribute 37% of the total profit to shareholders will be presented for approval at the bank’s upcoming Annual General Meeting, which will allow shareholders to vote on the proposal.

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In fiscal year 2023, MIB reported a net profit of MVR 177 million, which is a significant increase of MVR 56 million compared to the previous year. This growth can be attributed to a significant surge in the bank’s income, which reached MVR 401 million, an increase of MVR 90 million from the previous fiscal year.

MIB attributes its financial performance to strategic expansions and enhancements in its service offerings. This includes introducing remote banking services to cater to evolving customer preferences.

Since transitioning to a public company in 2019, MIB has strengthened its market presence. The initial public offering (IPO) saw the bank raise MVR 244 million through the sale of shares, including those held by the Islamic Corporation of the Development of Private Sector. This move marked a significant milestone, with public investors holding 31% of the company’s shares.

Shareholders are advised to register for the bank’s Annual General Meeting by 8th May.

According to a press release shared by MIB, the notice and agenda of the Annual General Meeting will be published on the Bank’s website during May 2024, along with the date, time and general information on voting.