Maib net profit jumps 57% in 2022

"The increase in profitability was underpinned by margin expansion from lending activities," Maib said in a press release on Thursday.

The bank's net interest income rose 64% on the year to 2.16 billion lei. The net fee and comission income increased by an annual 6.7% to 370.8 million lei last year. Its operating income reached 3.1 billion lei, up 50.6% on the year.

"With a prudent approach to lending, underpinned by institutional client lending, Maib increased its market share to 37.2% (+2.3 p.p) of total banking loans in the country," the lender said.

In 2022, MAIB's total gross loans to customers amounted to 22.8 billion lei, up 15.4% on the year. Deposits from customers rose 9.8% on the year to 31.38 billion lei.

The bank's non-performing loans (NPL) ratio stood at 2.54% at end-2022, down 1.38 p.p. from a year earlier. The NPL cover ratio stood at 200%, due to an increase of the bank's provisioning level.

Maib is 41.09% owned by HEIM Partners - a consortium of investors comprising the European Bank for Reconstruction and Development (EBRD), Baltic asset management group Invalda and Horizon Capital, a private equity fund focused on emerging markets in Europe.

(1 leu=0.05 euro)