FY 2023 results: Retail lending recovery drives profit increase; positive economic outlook ahead

Retail lending recovery drives profit increase; positive economic outlook ahead

  • Maib’s total assets reached MDL 52.3 billion, equivalent to EUR 2.7 billion, up 21% year over year;
  • Retail lending saw a recovery, particularly in the second half of the year, with retail loan portfolio reaching MDL 8.5 billion, up 16% year over year;
  • Maib net profit for 2023 reached MDL 1.25 billion, equivalent of EUR 63.6 million, achieving 10% year on year increase in 2023;
  • During the year maib paid a dividend of MDL 1.91 per share based on 2022 profits; 2023 dividend will be announced at the AGM later in the year;  
  • The Moldovan economy is estimated to have grown by 1.5% in 2023 in real terms, according to the Ministry of Economy;
  • Economy is expected to grow 3-4% in 2024 by a range of forecasters with inflation within NBM’s target of 5%;
  • NBM lowered the base rate seven consecutive times to 4.25% in February 2024,  from 21.5% in November 2022;
  • European Council decided to open accession negotiations with Moldova in December 2023;
  • Maib continues to pursue its strategic objective of a listing on an international stock exchange. At the moment certain points of Moldovan legislation do not make such a listing feasible. Maib paused its work on the listing pending clarity on legislative changes. The timing of the changes is uncertain. The Bank continues to engage with all relevant stakeholders to ensure the stability of the banking system.


Giorgi Shagidze, CEO of maib, commented:

"In 2023, maib showed a promising performance. Within an environment filled with economic uncertainty, maib’s strong and resilient operational framework, combined with its talented team, managed to increase assets, grow market share across the board, pay a dividend and generate a net profit of MDL 1.25 billion for 2023, a 10% year on year increase. At the bank, we take pride in continuing to support the Moldovan economy. 2023 was the year we have officially adopted a sustainability strategy and roadmap, opened our new headquarters maib park, issued the first corporate bond offering in nearly twenty years, and signed a senior loan agreement with the IFC, to name just a few milestones. Importantly we became a digital bank, where we reach  nearly 60% of our clients using maibank. I am truly proud of what we have managed to achieve this year, and have no doubt that we will continue to do great things here at maib."


Maib FY 2023 performance highlights:

  • Net profit reached MDL 1,249 million in FY 2023, equivalent to EUR 63.6 million (average exchange rate 2023: MDL/EUR 19.6431), growing from MDL 1,135 million in FY 2022, equivalent to EUR 57 million (MDL/EUR 19.8982), a YoY growth rate of 10.0%;
  • Return on Average equity (ROE) stood at 17.2% as of 12m 2023, as compared to 18.6% in 12m 2022, reflecting a falling net interest margin due to rapid declines in base rate;
  • Market share statistics as of 31 December 2023, were as follows:
    • Market share of total assets - 33.9%, up by 1.2 pp YoY;
    • Market share of total loans – 37.4%, up by 0.2 pp YoY;
    • Market share of total deposits – 34.3%, up by 1.2 pp YoY;
  • Number of maibank users surpassed 591 thousand, an increase of 37% YoY;
  • Out of total retail deposits 66% originated online, whilst for the number of retail loans that number was 56%.


Moldova update:

  • On 14 December 2023 the European Council decided to open accession negotiations with Moldova. The European Commission will continue monitoring progress and compliance in all areas related to the opening of negotiations and report to the European Council by March 2024. These developments could lead to a referendum in late 2024;
  • Moldova is set to hold its next presidential election in Autumn 2024;
  • Relevant forecasters predict that economic growth will range between 0.0% and 2.0% for 2023, and between 3.5% and 4.5% for 2024;
  • The rate of inflation was at 4.55% in January 2024;
  • Monetary policy easing has been continued by the National Bank of Moldova (NBM), as the base rate has been lowered to 4.25% in February 2024. This rate has been continuously lowered since reaching a peak of 21.5% in November 2022.


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


Permanent Download Links:



Conference Call 

Maib will hold conference call covering 4Q 2023 results on Thursday, 15 February at 17:00, Chisinau time via zoom

To access the call please use the  following link using the access code 034348.

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.



Maib va organiza o conferință telefonică care acoperă rezultatele 4Q 2023, 15 Februarie, la ora 17:00, prin zoom.

Pentru a accesa apelul vă rugăm sa folosiți următorul link folosind codul de acces 034348.

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



B Четверг, 15 февраля, в 17:00 в зуме maib проведет телефонную конференцию, посвященную результатам четвертого квартала 2023 года.

Чтобы получить доступ к звонку пожалуйста используйте  следующую ссылку используя код 034348.

Участникам будет доступен синхронный перевод на румынский и русский языки.

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



Note: The 2023 financial results are based on the unaudited consolidated financial statements.


About maib

Maib is the largest bank in Moldova, with a share of 34.3% of deposits and 37.4% of loans of the entire banking system at the end of 2023. Maib is a disciplined lender with NPL ratio of 2.7% and is well capitalised with CAR of 24.2% as of 31 December 2023. The Bank is of systemic importance to the country,  it serves almost a third of the population and is one of the largest private employers in Moldova, with a workforce of over 2,400 people. Since 2018, maib's largest shareholder is a consortium, which includes the European Bank for Reconstruction and Development (EBRD), Invalda INVL, a leading asset management group in the Baltic States, and Horizon Capital, a private investment fund focused on emerging markets.


Recent investor relations releases


Upcoming investor events

  • 15 February - Financial Results Release and Conference Call 4Q & FY2023


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