May 22 (SeeNews) - Maib, Moldova's largest bank, increased its net profit by 26% year-on-year in the first quarter, to 341.4 million lei ($18.3 million/16.9 million euro), it said on Monday.
The bank's loan portfolio totalled 22.4 billion lei at the end of March, edging down 1.4% on the year, maib said in a press release.
Deposits from customers rose by 20.1% on the year to 32 billion lei during the three months through March.
"Maib continued to improve cost management, achieving a reduction in the cost/income ratio to 51.7% from 53.4% in 1Q2023 despite record-high inflation and ongoing
transformation. Recent financing from IFC and EBRD will help increase funding for Moldovan businesses with real projects on the ground," said maib CEO, Giorgi Shagidze.
At the end of the first quarter, maib held a 31.9% share of deposits and 37% of loans in Moldova's banking system.
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 euro=0.0522 MDL)