Maldives Islamic Bank recorded a net profit of USD 7.36 million during the first quarter of the year, newly released statistical data shows, representing a substantial increase of USD 1.18 million compared with the final quarter of the preceding year. This robust performance coincided with a marked expansion of the institution's balance sheet, as assets appreciated by 11.11 per cent to reach a total value of USD 1.20 billion.
Operational metrics reflected a similarly positive trajectory, the bank reported, with operating profit rising by USD 3.05 million to reach USD 10.58 million. Total customer deposits surged to USD 1.00 billion, a 12.89 per cent growth that serves as definitive evidence of the expanding trust placed in the institution, the bank observed. The financial progress achieved this quarter stands as a direct testament to the dedicated work being undertaken by the bank, management noted, affirming an ongoing commitment to provide high-quality services that secure the confidence of its clientele.
Beyond these fiscal accomplishments, the bank supported several initiatives intended to yield tangible benefits for the local community. These philanthropic engagements, according to the bank’s report, encompassed vital assistance for the STEM Hub project, sponsorship of the Al-Layl Academy Quran competition, and contributions towards a coral restoration programme.