Another eventful quarter at maib: dividend, buyback, proposed board changes, important new products, and a profit increase

14 Aug, 2024

Another eventful quarter at maib: dividend, buyback, proposed board changes, important new products, and a profit increase

Maib’s net profit reached MDL 694.3 million in 1H 2024 (EUR 36.1 million*), up 5.6% YoY;
Maibank users surpass 676 thousand, up by 35% YoY;
- 72% - retail deposits originated online;
- 67% - retail loans originated online;
A record dividend of MDL 7.30 per share (MDL 757 million total) was approved by the AGM and paid by maib, covering profits for 2021-2023;
A 3% share buyback approved by AGM, starting imminently, pending regulatory approval;
Moldovan economy grew by 1.9% in 1Q 2024. Relevant forecasters expect growth of 2.8% in 2024, 3.8% in 2025, and 4.2% in 2026;
Presidential elections are scheduled for October 2024, on the same date as the EU referendum;
The EU opened accession negotiations with Moldova, in a record time of just two years.

Giorgi Shagidze, CEO of maib, commented:

“I am pleased with another strong quarter with market share gains and a year on year profit increase. Our mobile app continues to be a key growth driver, with over 676k customers, a 35% year on year increase, offering a seamless user experience and an expanding range of services. The strength of our digital platform allows us to explore ambitious new avenues for growth. Maib’s profitability made a record capital return possible, an MDL 7.3 per share dividend combined with the upcoming buyback programme. I would like to extend my heartfelt gratitude to the maib team and customers as well as shareholders and partners.”

Maib 2Q and 1H 2024 performance highlights:

Maib’s net profit reached MDL 694.3 million in 1H 2024, equivalent to EUR 36.1 million, (*average exchange rate 1H 2024: MDL/EUR 19.21), growing from MDL 657.8 million in 1H 2023, equivalent to EUR 34.2 million, a YoY growth rate of 5.6%;
Return on Average equity (ROE) stood at 18.0% in 1H 2024, as compared to 19.0% in 1H 2023, reflecting a falling net interest margin due to rapid declines in base rate;
Market share of maib as of 30 June 2024, was as follows:
- Market share of total assets – 35.8%, up by 1.8 pp YoY;
- Market share of total loans – 38.0%, up by 0.6 pp YoY;
- Market share of total deposits – 36.1%, up by 1.9 pp YoY;
Number of maibank users surpassed 676 thousand, an increase of 35% YoY;
Out of total retail deposits 72% originated online, whilst for the number of retail loans that number was 67% during 1Q 2024;
NIM reached 4.1% in 2Q 2024, down by 0.3pp QoQ;
Maib is considering international expansion with an asset-light digital-only offering in Romania, focused on meeting Moldovan diaspora needs and subsequent service extending to broader Romanian consumer market.

Moldova update:

Moldovan economy grew by 1.9% in 1Q 2024 on the back of solid performances form the IT, manufacturing and energy sectors;
Relevant forecasters expect growth of between 2.2% to 3.5% with the average being 2.8% for 2024;
The same range of forecasters expect growth to range from 3.0% to 4.8% (average = 3.8%) for 2025 and 3.3% - 5.0% (4.2%) for 2026.
On the 25 June 2024, the first EU-Moldova Intergovernmental Conference was held, with the purpose of opening accession negotiations. Moldova has reached this stage from candidate country in just two years.
Moldova is set to hold its next presidential election in October 2024 and next parliamentary elections in mid-2025;
A referendum on whether Moldova’s EU ambitions should be enshrined in the constitution is schedules for October 2024;
The rate of inflation was at 3.8% in June 2024, whilst the base rate has been at 3.6% since May 2024.

Detailed financial results (report and presentation) can be found in the Results Center section of Investor Relations website (LINK).

Permanent Download Links:

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Conference Call

Maib will hold conference call covering 2Q 2024 results on Wednesday, 14 August at 15:00, Chisinau time via zoom.

To access the call please use the following link using the access code 359569.

Simultaneous translation in Romanian and Russian will be available to the participants.

Please submit your questions via chat or via email at evgenii.risovich@maib.md.

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Teleconferinta

Maib va organiza o conferință telefonică care acoperă rezultatele 2T 2024 pe 14 August, la ora 15:00, prin zoom.

Pentru a accesa apelul vă rugăm sa accesați următorul link folosind codul de acces 359569.

Traducerea simultană în română și rusă va fi disponibilă pentru participanți. Vă rugăm să adresați întrebările dvs. prin chat sau prin e-mail la evgenii.risovich@maib.md.

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Конференц-звонок

B Среду, 14 августа, в 15:00 в зуме maib проведет телефонную конференцию, посвященную результатам второго квартала 2024 года.

Чтобы получить доступ к звонку пожалуйста используйте следующую ссылку используя код 359569.

Участникам будет доступен синхронный перевод на румынский и русский языки.

Пожалуйста направляйте свои вопросы в чат во время звонка или по электронной почте evgenii.risovich@maib.md.

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Recent investor relations releases

Upcoming investor events

14 August - 2Q and 1H 2024 Financial Results Release and Conference Call
05 September - WOOD&Co Romania Investor Days
10 September - Tradeville Quarterly Report, Bucharest

Contact investor relations

Maib Investor Relations
Evgenii Risovich
Phone: +37368403477
E-mail: Evgenii.Risovich@maib.md

Press Contact
Daniela Șerban
Phone: +40742242662
E-mail: Dserban@vertikgroup.eu