Moldova's largest financial group Moldova Agroind Bank (maib) which plans to list its shares at Bucharest Exchange, reported its net profit increased by 50% q/q but only 2.3% y/y to MDL 349 million (EUR 18.1 million) in Q1. 

The bank’s listing depends on legislative amendments in Moldova related to the mandatory disclosure of shareholders that turned particularly restrictive after the bank frauds that surfaced in 2015.

The bank's net interest income increased by 4.6% compared to the fourth quarter of 2023, as the net interest margin stabilized and the bank's loan portfolio grew significantly.

“Our bank's earnings are growing as net interest margins have stabilized. We see encouraging signs of recovery in consumer and mortgage lending. One of the highlights of the first quarter was the signing of a €50mn loan with the European Investment Bank. It will allow us to attract a stable long-term source of financing for business support,” commented the Chairman of the Bank's Management Board, Giorgi Shagidze, quoted by Ziarul Financiar.

The bank earned MDL 1.2 billion of profit in 2023, achieving a return on equity (ROE) of 17%.  Return on assets amounted to 2.6%. 

This year, the bank intends to implement the decision approved by the shareholders to use part of the profit (MDL 240-250 million) for share buyback.

iulian@romania-insider.com

(Photo source: the company)