The Maldives Islamic Bank (MIB) has recorded USD7.8 million in profit in 2022.
The quarterly report published by MIB shows that the amount is a 52% increase compared to the USD5 million in profit recorded in 2021. The increase in profit is due to the increase in revenue and the bank’s efforts to reduce expenditure.
As such, MIB recorded USD22 million in revenue in 2022, which is a 22% increase compared to the USD18 million in revenue recorded in 2021. The bank also recorded an operating profit of USD11 million in 2022.
However, the quarterly report shows that MIB received less revenue and profit in the fourth quarter of 2022 compared to the third quarter. The bank recorded USD6 million in revenue in the fourth quarter, which is an 8.5% decrease compared to the USD5.5 million in the third quarter. It recorded USD1.4 million in profit in the fourth quarter, which is also a decrease compared to the USD2.3 million in the third quarter.