Moldova-Agroindbank’s first half net profit increases 23%...

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 657.8 million Moldovan leu (MDL) (EUR 32.9 million) in the first half of this year, which is 23% more than in the same period last year.

The bank's net interest income for January-June was MDL1.18 billion (EUR 59.2 million) and was 27% larger than in the first half of 2022. Net commission income for the reporting period increased by 23% to MDL 220 million (EUR 11.0 million).

The bank's loan portfolio amounted to MDL 23.28 billion (EUR 1.17 billion) at the end of June 2023 and was 9% larger than the previous year. Business loans were up by 12% over the last 12 months, while loans to households grew 5%.

Customer deposits stood at MDL 33.71 billion (EUR 1.68 billion), 21% more than a year ago.

"Even in a challenging environment, maib has not slowed down - the bank has managed to grow its loan portfolio and especially its deposit portfolio. Maib has further strengthened its leading position as the largest lender in the country's banking sector. Moreover, this year maib was also recognised as the best bank in Moldova", says Vytautas Plunksnis, Chairman of the Supervisory Board at maib and Head of Private Equity at the INVL Group.

In the middle of this year, international publications Euromoney and EMEA Finance recognised maib as the best bank in Moldova. According to them, despite all the challenges in the region, which had a direct negative impact on the country's economy and the financial sector, maib managed to maintain strong profitability and liquidity ratios, and strengthened its position as the leading bank in the country.

As of the end of June 2023, maib assets accounted for MDL 46.17 billion (EUR 2.31 billion), 18% more than the previous year. The bank had a capital adequacy ratio of 23.7% and a liquidity ratio of 248%.

Last year, maib had a net profit of MDL 1.13 billion (EUR 56.8 million), which is 56,8% more than in 2021. The 2022 profit was boosted by a one-off transaction in the first quarter of the year involving the sale of a written-off loan for EUR 11.5 million.

About maib

Maib is the largest bank in Moldova. As of 30 June 2023, it accounted for 32% of the country's bank assets market and 38% 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 2023, its capital adequacy ratio was 23.7%. 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 1.9 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.

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