Maldives Islamic Bank (MIB0 has decided to distribute MVR 65 million to its shareholders at the rate of MVR 2.90 per share, as last year’s profit share.
Maldives Islamic Bank (MIB0 has decided to distribute MVR 65 million to its shareholders at the rate of MVR 2.90 per share, as last year’s profit share.
According to the bank, its Board of Directors will make the decision on distributing 37 percent of the total profit to its shareholders and it would be proposed at the next annual general meeting. The distribution will take place after a vote in the 14th annual general meeting.
The amount allocated as profit share this year is a 65 percent increment from last year, making this the largest profit share in the bank’s history since being listed.
MIB netted a profit of MVR 177 million in 2023, which is MVR 56 million more than the bank made in 2022. The hike is attributed to the increase in the bank’s income last year, which grossed MVR 401 million, about MVR 90 million more than 2022.
According to MIB, the bank expanded its services significantly and its services are now available remotely for its customers.
MIB converted to a public company in 2019. At the time, the bank sold MVR 244 million in shares which includes 4.5 million shares of MIB (worth MVR 157 million) and 2.4 million shares (worth MVR 87 million) belonging to the Islamic Corporation of the Development of Private Sector. This amounts of 31 percent of the company’s shares.
The bank’s profit share will be distributed among those who register as share holders of the bank by 8th May.
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