Moldova’s Maib bank, which plans to list its shares on the Bucharest Exchange (BVB), has reported an excellent third quarter, with net profit rising by 11% year on year to MDL1.1bn (€56.9mn) in January-September. 

Maib, the largest bank in Moldova, also announced it is considering an international expansion with an exclusively digital offer in Romania, focused on the relationship with the diaspora and the subsequent expansion of services on the Romanian consumer market.

Maib has also successfully completed a share buyback exercise, acquiring 2.99% of the total shares.

The increase in profit achieved in January-September was mainly driven by the advance of net interest income and the increase in net foreign exchange earnings. 

In Q3 alone, the bank’s net profit surged by 21.4% y/y to MDL399mn (€20.7). In the third quarter, the bank’s return on equity (ROE) was 20.6%, compared to 17.8% in the third quarter of 2023, reflecting the performance recorded this year, according to a press release.

"I am very pleased with maib's performance, which demonstrates our ability to maintain profitability regardless of the economic cycle. We recorded a new quarterly increase in the use of digital channels of interaction with our customers. More than 70% of loans to individuals were granted in the third quarter online and we have more than 722,000 active users. All this underlines the success of our digitisation efforts.

“Among the key initiatives we have launched is AI in banking, which will equip us with advanced tools to improve operational efficiency and provide our customers with personalised banking experiences, according to the release,” stated maib CEO Giorgi Shagidze.