Moldova-Agroindbank had a profit of EUR 56.8 million last year

Moldova-Agroindbank (maib), Moldova’s largest commercial bank, of which the leading Baltic investment management and life insurance group Invalda INVL is a shareholder, had an unaudited net profit of 1.13 billion Moldovan leu (MDL) (EUR 56.8 million) in 2022, which is 56,8% more than in 2021. Last year’s profit was boosted by a one-off transaction in the first quarter involving the sale a written-off loan for EUR 11.5 million.

The bank’s revenue totalled MDL 3.11 billion (EUR 156.2 million) and was up 50,6% from the previous year.

Maib’s net interest income in 2022 was MDL 2.16 billion (EUR 108.34 million), or 64.2% more than in 2021. Net commission income rose 7% in the year to MDL 371 million (EUR 18.2 million). Other income grew 44% to MDL 581 million (EUR 28.5 million).

The bank’s loan portfolio amounted to MDL 22.81 billion (EUR 1.15 billion) at the end of 2022 and was 15,4% larger than a year earlier. Business loans increased 22% in the year, while loans to households grew 6%.

Customer deposits at maib at the end of 2022 totalled MDL 31.39 billion (EUR 1.58 billion), 9,8% more than a year earlier.

“Maib is steadily implementing its strategy of being closer to the customer. We have continued to actively lend to businesses and households despite challenges in the Moldovan economy. And the bank has sufficient capital and liquidity reserves to continue to operate successfully in the future,” says Vytautas Plunksnis, the Chairman of the Supervisory Board at maib and Head of Private Equity at the INVL group.

As of the end of December 2022, maib’s assets were MDL 43 billion (EUR 2.2 billion), 15.7% more than a year earlier. The bank had a capital adequacy ratio of 22.2% and a liquidity ratio of 378%.

About maib

Maib is the largest bank in Moldova. As of 31 December 2022, it accounted for 33% 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 December 2022, its capital adequacy ratio was 22.2%. The bank has been recognised for customer service quality and product innovation.

About INVL

INVL is the leading investment management and life insurance group in the Baltic region. Its companies manage pension and mutual funds and life insurance directions, individual portfolios, private equity and other alternative investments. Over 300,000 clients in Lithuania, Latvia and Estonia and international investors have entrusted the group’s companies with the management of more than EUR 1.75 billion of assets. In the business for more than 30 years now, the group has solid experience in managing private equity assets and building market players that are leaders in their respective fields in the Baltic countries and Central and Eastern Europe.