Q3 2023 results: Adjusting to lower interest rate environment

Adjusting to lower interest rate environment

  • The Moldovan economy experienced a decline of 2.2% in 2Q 2023, however, a recovery is forecasted by the end of the year;
  • The NBM lowered the base rate to 4.75% in November 2023, down from 21.5% in November 2022;
  • Maib achieved a 15.7% growth year-on-year in its net profits (9m 2023);
  • EU Commission has given Moldova green light to start accession negotiations – ratification expected 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:

"It has been another successful quarter. Maib’s net profit for 9 months of 2023 of MDL 987.5 million is 15% higher than where we were last year. This, in spite of significant decline in prevailing interest rates and economic uncertainty, is a testament of the strength of our business model. We continue to support Moldovan businesses and people by offering innovative and useful products. The launch of full digital onboarding allows citizens to open accounts without ever visiting a branch. It is integrated into our mobile application, maibank, which has reached 545 thousand users. I would like to thank our loyal customers and our devoted employees for yet another good result.

One of maib’s strategic objectives is listing on an international stock exchange. In December 2022 maib shareholders voted in favor of allowing the listing of maib shares on Bucharest Stock Exchange. Maib has pursued a transformational strategy focusing on customer experience and digital offerings, bringing its corporate governance and investor disclosure in line with the best international practices. Preliminary assessment of Romanian and international equity investors indicated solid level of interest in maib listing and support from the Bucharest Stock Exchange.

However, at the moment certain points of existing Moldovan legislation make the listing impracticable. Namely, these relate to shareholding approval threshold of 1% and notification requirement for any number of shares bought, as well as some other smaller provisions. These specific points of law restrict liquidity in the open market, and make potential listing unattractive for international portfolio investors, for whom market liquidity is mandatory. While the restrictions not going to be changed in the immediate future, Maib continues to work with all stakeholders to modify these points of law while ensuring that the stability of Moldovan banking system is maintained. The timeline of the listing will be adjusted accordingly and communicate in due course."


Maib key statistics:

  • Net profit reached MDL 987.5 million in 9m of 2023, equivalent to EUR 49.97 million (average exchange rate 9m 2023: MDL/EUR 19.76), growing from MDL 853.4 million in 9m of 2022, equivalent to EUR 42.75 million (MDL/EUR 19.96), a YoY growth rate of 15.7%;
  • Return on Average equity (ROE) stood at 18.5% as of 9m of 2023, as compared to 19.2% in 9m of 2022, reflecting a falling net interest margin due to rapid declines in base rate;
  • Market share statistics as of 30 September 2023, were as follows:
    • Market share of total assets - 33.6%, up by 1.1 pp YoY;
    • Market share of total loans - 38.2%, up by 1.9 pp YoY;
    • Market share of total deposits – 33.8%, up by 1.2 pp YoY;
  • Number of MAIBank users surpassed 545 thousand, an increase of 40% YoY;
  • Out of total retail deposits 62% originated online, whilst for the number of retail loans that number was 51%.


Moldova highlights:

  • In November 2023 the European Commission has recommended that the Council opens accession negotiations with Moldova. The European Council must decide on whether it will accept the recommendations, which is expected to happen on the 14-15 December 2023 at the Brussels summit;
  • 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 National Bank of Moldova (NBM) has continued its monetary policy easing efforts, lowering the base rate to 4.75% in November 2023. This rate was lowered from 6% in June-October 2023, after having reached a peak of 21.5% in November 2022. The inflation rate stood at 6.34% in October 2023.


[1] Q3 2023 are based on consolidated unaudited results of maib Group

Permanent download links:

Q3 2023 Results Report  Q3 2023 Results Presentation
Download Report Download Presentation


Conference Call 

Maib will hold conference call covering 3Q 2023 results on Tuesday, 21 November at 16:00, Chisinau time via zoom

To access the call please use the  following link using the access code 458912.

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 3Q 2023, 21 Noembrie, la ora 16:00, prin zoom.

Pentru a accesa apelul vă rugăm sa folosiți următorul link folosind codul de acces 458912.

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 понедельник, 21 Ноябрь, в 16:00 в зуме maib проведет телефонную конференцию, посвященную результатам третьего квартала 2023 года.

Чтобы получить доступ к звонку пожалуйста используйте  следующую ссылку используя код 458912.

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.




About maib

Maib is the largest bank in Moldova, with a share of 31.6% of deposits and 37.9% of loans of the entire banking system at the end of 1H 2023. Maib is a disciplined lender with NPL ratio of 3.3% and is well capitalised with CAR of 23.7% as of 30 June 2023. The Bank is of systemic importance to the country as it serves almost a third of the population and is the largest private employer 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

  • 21 November - 3Q 2023 Financial Results Release and Conference Call


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


For further enquiries, please contact: IR@maib.md or by phone at +373 22 303 237 or visit our website ir.maib.md