Maib 9M 2022 Results: Profitability driven by net interest margin expansion

Today maib presents financial results for the Third Quarter (3Q) and the Nine-Month (9M) period of 2022 [1] . Net profit nearly up 64% year-on-year to MDL 837 million for the 9-month period of 2022:

  • Strong increase in profits for maib resulted from faster repricing of the loan book, compared to deposit portfolio, leading to net interest margin expansion;
  • This was partly offset by higher provisions, where maib took a prudent view on risks associated with record high inflation and pressure on Moldovan energy system;
  • New loan origination was down significantly in certain pockets of activity, as the law on responsible lending took affect with stricter lending conditions imposed on banks, combined with record high interest rate;
  • Maib drive for digital leadership continued with nearly 400 thousand users of maibank app, and 44% of all deposits being made online;
  • The Bank remains exceptionally well capitalized and with ample liquidity to maintain its lending activity (CAR 22.0%, Tier 1 Ratio 19.9%);
  • Macar Stoianov's appointment to Chief Financial Officer approved by the National Bank of Moldova.

Key Economic and Country Updates

  • Moldova put substantial efforts into achieving energy independence from Russia related to uncertainty with gas supplies in the context of Russian invasion of Ukraine. Alternative suppliers of gas were sought and as a result Moldova has imported gas from sources other than Russia. In addition, as Gazprom cut supplies of gas to Moldova, combined with destruction of some critical energy infrastructure in Ukraine, Moldova started to import electricity from Romania and other sources. This transition comes at a high cost. Maib has accounted for this high cost of gas and power in its risk models and its approach to lending going forward.
  • Moldovan GDP is expected to see a small contraction in 2022 by most forecasters with a rebound in the second half of 2023;
  • Inflation exceeding 34% during the period, but signs point at decrease of inflation in the absence of further external shocks;
  • Base rate at 21.5% with NBM forecasts pointing at inflation reaching its peak.   

[1] Financial results for 3Q and 9M 2022 are based on unaudited standalone financial statements and do not include the financial position and performance of the two subsidiaries, which represent less than 2% of the consolidated balance sheet

Financial Highlights


3Q 2022

  • Net profit for 3Q 2022 amounted to MDL 322.5 million (3Q 2021: MDL 230.6 million), up by 39.9% YoY and up by 27.6% QoQ
  • Return on average equity¹ (ROE) stood at 21.2% (3Q 2021: 17.5%)
  • ROE before expected credit losses¹ (ECL) stood at 34.1% (3Q 2021: 21.4%)
  • Return on average assets¹ (ROA) stood at 3.2% (3Q 2021: 2.7%)
  • Cost to income stood at 40.2% (3Q 2021: 47.4%)
  • Cost of risk (at period-end) stood at 0.89% (3Q 2021: 0.41%)
  • Net interest margin¹ (NIM) stood at 6.36% (3Q 2021: 4.30%)
  • Basic quarterly earnings per share (EPS) stood at MDL 311 MDL (3Q 2021: 222 MDL)

9M 2022 P&L Highlights

  • Net Profit for 9M 2022 amounted to MDL 836.7 million (9M 2021: MDL 504.7 million), up by 64.0% YoY
  • Return on average equity (ROE) stood at 19.1% (9Q 2021: 13.2%)
  • Return on average assets (ROA) stood at 2.9% (9M 2021: 2.1%)
  • Cost to income stood at 46.1 % (9M 2021: 54.6 %)
  • Cost of risk (at period-end) stood at 0.89% (9M 2021: 0.41%)
  • Net interest margin (NIM) stood at 5.65% (9M 2021: 4.06%)
  • Basic quarterly earnings per share (EPS) stood at MDL 806 MDL (9M 2021: 486 MDL)

Balance Sheet Highlights as of 30 September 2022

  • Total assets at MDL 40,626 million, up by 4.2% QoQ and by 14.9% YoY
  • Loans (gross value) at MDL 21,807 million, up by 2.1% QoQ and up by 18.4% YoY
  • Net loans to deposits ratio at 72.15%, down by 0.25 pp QoQ and up 9.14 pp YoY
  • Non-performing loans (NPL ratio) were 2.5%, at same level as in 2Q 2022 and down by 2.0 pp YoY
  • NPL ECL coverage and total ECL coverage ratios at 187.8% and 2.5%, respectively, on September 30, 2022, compared to 150.2% and 4.5% as of September 30, 2021
  • Total customers deposits at MDL 28,627 million, up by 2.2% QoQ and up by 4.5% YoY
  • The Bank’s Capital Adequacy Ratio and Tier 1 capital ratio stood at 22.04% and 19.93%, respectively

Market share as of 30 September 2022:

  • Market share by total assets was 32.5%, up by 1.4 pp YoY
  • Market share by total loans was 36.3%, up by 2.1 pp YoY
  • Market share of total deposits reached 32.5%, up by 0.8 pp YoY

Operating highlights

  • MAIBank users reached 390 thousand (up by 10% QoQ and up by 47% YoY);
  • 72% Monthly Retail Active Users (MAU%);
  • 32% of Daily Active Retail Users to Monthly Retail Active Users (DAU/MAU%)
  • 44% of number of retail deposits and 11% of number of retail loans originated online during 3Q 2022
  • 84% of number of retail transactions are cashless (performed via cards)
  • 36K new MAIBank users connected every month (average 3Q 2022)

Permanent download links:

9M 2022 Results Report  9M 2022 Results Presentation
Download Report Download Presentation

Maib's management team hold a conference call with analysts on 10 November 2022. Registration of the conference is provided in both English and Romanian.

Version in English:



Version in Romanian:



Upcoming investor events

  • 21 November – Virtual SEE Day by Raiffeisen Bank International
  • 6 December – Winter Wonderland by WOOD&Co. in Prague

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