Maib had a net profit EUR 18.1 million in the first quarter 

Moldova-Agroindbank (maib), Moldova’s largest commercial bank, whose one of the shareholders is the leading asset management group in the Baltics Invalda INVL, had an unaudited net profit of 349 million Moldovan leu (MDL) (EUR 18.1 million) in the first quarter of this year, which is 2.3% more than in the same period last year.

The bank’s net interest income for January-March was MDL 554 million (EUR 29 million) and was 15.5% lower than in the first quarter of 2023. Net commission income rose 8.2% in period of comparison to MDL 122 million (EUR 6 million). Other income increased 35.5% to MDL 153 million (EUR 8 million).

The bank’s loan portfolio amounted to MDL 24.6 billion (EUR 1.3 billion) at the end of March 2024 and was 8.6% larger than a year earlier. Business loans grew 1.8% in the year as loans to households increased 23.3%.

Customer deposits at maib at the end of March this year totalled MDL 43.2 billion (EUR 2.3 billion), 34.8% more than a year earlier.

“Maib has managed to maintain profitability even in the face of drastically falling interest rates in Moldova – we are the only bank among the five largest banks to do so. We are pleased with the bank’s continued digitalisation – during the year, the number of mobile banking users grew by 37%, while 71% of retail deposits and 61% of retail loans are issued online”, says Vytautas Plunksnis, the Chairman of the Supervisory Board at maib and Head of Private Equity at INVL Asset Management.

The base rate has been lowered to 3.6% in March 2024, a significant drop from its peak of 21.5% back in November 2022.

As of the end of March 2024, maib had assets of MDL 56.8 billion (EUR 3.0 billion), 28.6% more than a year earlier. The bank had a capital adequacy ratio of 23.7% and a liquidity ratio of 307%.

Last year, maib had an audited net profit of MDL 1.22 billion (EUR 64 million), which is 10.5% more than in 2022.

About maib

Maib is the largest bank in Moldova. As of 31 Mach 2024, it accounted for 34% of the country’s bank assets market and 37% of loans. The bank serves more than a third of the people in Moldova and is one of the country’s largest employers. Maib has a high level of capitalisation – as of 31 March 2024, its capital adequacy ratio was 23.7%. The bank has been recognised for customer service quality and product innovation.

Since 2018, maib’s largest shareholder is a consortium of investors consisting of the European Bank for Reconstruction and Development, Invalda INVL – the leading Baltic asset management group, and Horizon Capital – a private equity fund manager focused on emerging Europe.

About Invalda INVL Group 

Invalda INVL is the leading Baltic asset management group with a track record spanning over 30 years. Growing and developing with an open approach, it creates well-being for people through its work. The group’s companies manage EUR 1 billion of assets across multiple asset classes including private equity, forests and agricultural land, renewable energy, and real estate as well as private debt. The group’s scope of activities also includes family office services in Lithuania and Latvia, management of pension funds in Latvia, and investments in global third-party funds.