The Maldives Islamic Bank (MIB) reported an increase of MVR 1.5 billion in assets and MVR 1 billion in deposits in the third quarter of this year.

In its third quarter report, MIB said the total assets stood at MVR 14.95 billion. This is an 11.12 percent increase compared to the second quarter. Assets stood at MVR 13.45 billion in the second quarter.

Customer deposits also increased by MVR 1 billion in the third quarter compared to the second quarter. Deposits stood at MVR 11.09 billion in the second quarter, while the amount was MVR 12.11 billion in the third quarter.

MIB's operating profit stood at MVR 129 million in the second quarter, while the amount was MVR 138 million at the end of the third quarter. However, third-quarter net income fell 4.1 percent.

MIB's total revenue stood at MVR 215.50 million in the second quarter and MVR 229 million in the third quarter. However, net profit fell to MVR 92.4 million from MVR 96.3 million. That was a decrease of 4.1 percent.

Since opening in 2011, MIB has grown tremendously over the past 14 years, opening six branches and six sales centers in 12 atolls.