The Maldives Islamic Bank (MIB) earned a net profit of MVR 79 million in the second quarter of this year, the bank has said.
MIB, which introduced Islamic banking services in the Maldives, said in its second quarter report released on Tuesday that profits from April to June were 97 percent higher compared to the same period last year. MIB had earned a net profit of MVR 40 million in the second quarter last year.
The bank earned an income of MVR 161 million in this year’s second quarter, up from an income of MVR 110 million in last year’s second quarter.
The bank posted a profit of MVR 56 million for the first three months of this year with an income of MVR 152 million.
According to the quarterly report of the bank, which offers several modern services, customers deposits have grown to MVR 8 billion as the number of customers also increased.
The bank, 20 percent of which is owned by public shareholders, earned a profit of MVR 176.5 million last year and paid MVR 57 million as taxes to the government.
