Moldova's MAIB planning Bucharest Stock Exchange listing posts 11% stronger profit in Jan-Sep

Moldova's leading bank MAIB (maib), which plans to list its shares at the Bucharest Exchange (BVB), reported an excellent third quarter, with the net profit rising by 11% y/y to MDL 1.1 billion (EUR 56.9 million) in January-September.

The advance of net interest income and the increase in net foreign exchange earnings mainly drove the increase.

In Q3 alone, the bank's net profit surged 21.4% y/y to MDL 399 million (EUR 20.7 million). In the third quarter, the bank's Return on Equity (ROE) was 20.6%, compared to 17.8% in the 3rd quarter of 2023, reflecting the performance recorded this year, according to a press release.

"I am very pleased with maib's performance, which demonstrates our ability to maintain profitability regardless of the economic cycle. We recorded a new quarterly increase in the use of digital channels of interaction with our customers. More than 70% of loans to individuals were granted in the 3rd quarter online, and we have more than 722,000 active users. All this underlines the success of our digitization efforts. Among the key initiatives we have launched is AI in banking, which will equip us with advanced tools to improve operational efficiency and provide our customers with personalized banking experiences, according to the release," stated maib CEO Giorgi Shagidze, quoted by Bursa.ro.

Maib, the largest bank in Moldova, is considering an international expansion with an exclusively digital offer in Romania, focused on the relationship with the diaspora and the subsequent expansion of services on the Romanian consumer market.

Maib has successfully completed a share buyback exercise, acquiring 2.99% of the total shares.

(Photo source: the company)