FY 2024 results: Maib delivers a substantial profit increase despite net interest margin headwind

10 Feb, 2025

FY 2024 results: Maib delivers a substantial profit increase despite net interest margin headwind

Maib’s net profit reached over MDL 1.4 billion in 2024 (EUR 73.4 million¹), up 15.7% YoY;
Maibank users surpass 769 thousand, up by 30% YoY;
Out of total retail loans 74% are now originated online, for deposits it is 75%;
Maib’s gross loans reached MDL 30.3 billion (EUR 1.6 billion³) increasing by 28.1% YoY;
- This brings maib’s market share of loans at 37.9%, an increase of 0.5% YoY;
ROE for the year topped 18.0%, increasing by 0.9pp YoY;
As a result of the inflationary pressures relating to energy price increases, the NBM has started monetary policy tightening in Q1 2025
Moldovan economy grew by 0.6% in 9m 2024. Relevant forecasters expect growth of 2.4% in 2024, 3.3% in 2025, and 4.0% in 2026.
Moldova voted “Yes” in the constitutional referendum to join the EU.

Giorgi Shagidze, CEO of maib, commented:

"I am grateful for another year of strong performance, driven by innovation, digital transformation, and financial discipline. Maib’s profit reached over MDL 1.4 billion this year, marking a substantial 15.7% YoY growth rate. Additionally, the Bank returned almost MDL 1 billion to shareholders through dividends and a buyback, reflecting our commitment to delivering value. A key highlight has been the rapid expansion of maibank, now reaching 769 thousand users—a 30% year-on-year increase—thanks to continuous upgrades. We introduced the ‘Life’ page, transforming maibank into a lifestyle platform beyond banking, offering insurance, real estate, and leasing services. With seamless digital onboarding and a full suite of banking services, we are redefining convenience. Moreover, this year, we successfully raised MDL 565 million in bonds and secured new partnerships with the EBRD and EIB. Our efforts have been recognized internationally, with maib named ‘Best Digital Bank in CEE & CIS Region’ (EMEA Finance) and ‘Best SME Bank in the CEE Region’ (Global Finance), along with multiple ‘Bank of the Year’ awards by reputable institutions. I sincerely thank our dedicated team, loyal customers, supportive shareholders, and trusted partners for making this possible."

Maib 4Q and FY 2024 performance highlights:

Maib’s net profit reached MDL 1,412.6 million in 12m 2024, equivalent to EUR 73.4 million¹ growing by 15.7% YoY. In 4Q 2024, maib’s profit grew by 36.2% YoY, amounting to MDL 317.6 million (equivalent to EUR 16.5 million²);
Return on Average equity (ROE) stood at 18.0% as of 12m 2024, growing by 0.9pp YoY, despite substantial net interest margin headwind;
Market share of maib as of 31 December 2024, was as follows:
- Market share of total assets – 35.0%, up by 1.1 pp YoY;
- Market share of total loans – 37.9%, up by 0.5 pp YoY;
- Market share of total deposits – 35.7%, up by 1.4 pp YoY;
Number of maibank users surpassed 769 thousand, an increase of 30% YoY;
Out of total retail deposits 75% originated online, whilst for the number of retail loans that number was 74% during 4Q 2024;
NIM reached 4.3% in 4Q 2024, up 0.1pp QoQ, down 0.2pp YoY;

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 – EU accession enshrined in constitution:

The Moldovan economy grew by 0.6% in 9m 2024.
- Key drivers of this growth were the IT, finance, manufacturing, energy, and construction industries;
- On the other hand, a challenging agricultural season was a major factor hindering further growth;
Relevant forecasters expect growth of between 1.0% to 3.2% with the average being 2.4% for 2024;
The same range of forecasters expect growth to range from 3.3% to 3.9% (average = 3.3%) for 2025 and 3.3% - 3.7% (4.0%) for 2026;
The rate of inflation has increased to 7.0% in December 2024, on the back of growing energy prices. This rate of inflation is just above the NBM’s target corridor of between 3.5% and 6.5% with a target rate of 5%. For reference, inflation in September 2024 stood at 5.2%.
As a response to emerging inflationary pressures, the NBM started monetary policy tightening. The base rate, which has been at 3.6% since May 2024, was raised to 5.6% in January 2025, and again to 6.5% in February 2025.
On 31 October 2024, the result of the referendum was validated by the Constitutional Court of Moldova. Joining the EU is now a constitutional strategic objective for Moldova. Moreover, a new article titled “European Union Integration” is to be added into the constitution.

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 4Q and FY 2024 results today, on Monday, 10 February at 16:00, Chisinau time via zoom.

To access the call please use the following link using the access code 8JM4yN.

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 4T 2024 pe 10 februarie, la ora 16:00, prin zoom.

Pentru a accesa apelul vă rugăm sa accesați următorul link folosind codul de acces 8JM4yN.

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

Сегодня, 10 февраля, в 16:00 в зуме maib проведет телефонную конференцию, посвященную результатам 2024 года.

Чтобы получить доступ к звонку пожалуйста используйте следующую ссылку используя код 8JM4yN.

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

10 February - 4Q and FY 2024 Financial Results
04 April - Annual Report
02 May - Sustainability report
06 May - 1Q 2025 Financial Results

Contact investor relations

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

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

For further enquiries, please contact: IR@maib.md or by phone at +373 68 403 477 or visit our website ir.maib.md.

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^{1. Exchange rate used: EUR/MDL 19.27 average exchange rate for 4Q 2024↩}
^{2. Exchange rate used: EUR/MDL 19.25 average exchange rate for 12M 2024↩}
^{3. Exchange rate used: EUR/MDL 19.31 average exchange rate for 31 December 2024↩}