Maldives Islamic Bank (MIB) recorded a net profit of MVR 370 million last year, according to the bank’s 2025 financial report.
The report highlights a year of financial success and profitability across all sectors for MIB. The bank’s net profit alone saw a year-on-year increase of MVR 93 million.
By the end of last year, the bank’s total assets grew substantially, rising from MVR 11.4 billion to MVR 16.6 billion.
A breakdown of asset categories reveals that the most significant growth occurred in financing receivables and investments in financial instruments, such as T-bills, bonds, and term deposits.
Financing receivables increased from MVR 5.7 billion at the end of 2024 to MVR 7.5 billion by the end of 2025. Similarly, the bank’s investment portfolio grew from MVR 2.8 billion to MVR 4.5 billion over the same period.
Driven by business expansion and a surge in deposits, the bank’s mandatory reserve held at the Maldives Monetary Authority (MMA) also increased by MVR 1 billion over the past year.
The financial statements further indicate a sharp rise in customer deposits. By the end of last year, customer deposits reached MVR 13.6 billion, compared to MVR 9.1 billion the previous year—a significant increase of MVR 4.5 billion.
MIB generated MVR 785 million in income from financing activities last year. Of this, MVR 207 million was distributed to customers as profit shares. Both financing income and profit distributions saw marked increases of 31 percent and 59 percent, respectively.
Additionally, the bank earned MVR 214 million from fees and commissions, resulting in a net fee income of MVR 150 million after expenses. The bank’s total operating income rose by approximately MVR 200 million to reach MVR 897 million.
After deducting operating expenses of MVR 404 million, MIB reported a pre-tax profit of MVR 492 million. The bank paid MVR 121 million in corporate taxes.
