Maib achieved a net profit of 36.1 million EUR in the first half of the year

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 694.3 million Moldovan leu (MDL) (EUR 36.1 million) in the first half of this year, which is 5.6% more than in the same period last year.

The bank’s net interest income for January-June was MDL 1.11 billion (EUR 57.8 million) and was 6.2% lower than in the first half of 2023. Net commission income rose 11.2% to MDL 244.5 million (EUR 12.7 million). Other income increased 35.8% to MDL 321.0 million (EUR 16.7 million).

The bank’s loan portfolio amounted to MDL 26.3 billion (EUR 1.37 billion) at the end of June 2024 and was 11.0% larger than a year earlier. Business loans grew 6.6% in the year as household loans increased by 25.7%.

Customer deposits at maib at the end of June totaled MDL 43.5 billion (EUR 2.27 billion), or 29.1% more than a year earlier.

“The bank managed to maintain profitability growth trajectory, even in the environment of decreased base rate. At the same time, we are actively working on our expansion plans to Romania, where we are to offer clients our innovative digital bank solutions ”, Vytautas Plunksnis, the Chairman of the Supervisory Board at maib and Head of Private Equity at INVL Asset Management, says.

As of the end of June 2024, maib had assets of MDL 57.7 billion (EUR 3.0 billion), 24.5% more than a year earlier. The bank had a capital adequacy ratio of 22.2% and a liquidity ratio of 243%.

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

About maib

Maib is the largest bank in Moldova. As of 30 June 2024, it accounted for 35,8% of the country’s bank assets market and 36,1% 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 30 June 2024, its capital adequacy ratio was 22.2%. 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. Companies of the group are managing EUR 1 billion of assets across multiple classes including private equity, forest 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, Latvia and Estonia, management of pension funds in Latvia, and investments in global third-party funds.