Q1 2024 results: maib quarterly profits rise as net interest margin stabilizes

Maib’s profits rise as net interest margin stabilizes

  • Maib’s quarterly profits grew by 2.3% YoY and 49.8% QoQ, to MDL 349 million (equivalent to EUR 18.1 million);
  • Net interest income (NII) increased 4.6% quarter on quarter as net interest margin stabilized, while loan portfolio grew. Year on year NII fell 15.5%, but this was offset by loan portfolio growth, increase in non-interest income, and recoveries in the Corporate business unit;
  • Giorgi Shagidze’s CEO mandate extended until at least 31 December 2025;
  • Moldovan economy grew less than expected 0.7% in 2023, on the back of a recovery in agriculture, offset by weak internal demand. Most recent 2024 GDP growth forecasts were lowered to 2.5% by key forecasters;
  • EU accession continues to be a priority for the country as the next stage of the accession negotiations is expected to start in July. Presidential elections are scheduled for October 2024.


Giorgi Shagidze, CEO of maib, commented:

"Maib recorded a profit increase in 1Q 2024 both QoQ and YoY, as net interest margin stabilized. Encouragingly we also see the signs of economic rebound and strength in consumer and mortgage lending.  Amongst other important milestones was the signing of EUR 50 million loan with the EIB, which will enable maib to draw upon long term stable funding to finance Moldovan companies. Our mobile app, maibank, continued from strength to strength with 37% YoY growth in user numbers. Lastly, I am pleased that the Board decided to extend my mandate as the CEO of maib. I would like to thank our devoted employees and loyal customers who continue to make great results possible.”


Maib 1Q 2024 performance highlights:

  • Net profit reached MDL 349.3 million in 1Q 2024, equivalent to EUR 18.1 million, up from MDL 341.4 million in 1Q 2023, a YoY growth rate of 2.3%;
  • Return on Average equity (ROE) stood at 17.6% in 1Q 2024, as compared to 19.8% in 1Q 2023, reflecting a falling net interest margin due to rapid declines in base rate;
  • Market share of maib as of 31 March 2023, was as follows:
    • Market share of total assets – 36.0%, up by 4.0 pp YoY;
    • Market share of total loans – 37.7%, up by 0.7 pp YoY;
    • Market share of total deposits – 36.7%, up by 4.8 pp YoY;
  • Number of maibank users surpassed 634 thousand, an increase of 37% YoY;
  • Out of total retail deposits 71% originated online, whilst for the number of retail loans that number was 61% during 1Q 2024.


Moldova update:

  • EU accession process continues, with Moldovan government having nearly completed the inventory of Moldovan legislation, expecting to begin the next stage of negotiations by July;
  • 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 expected to be held in October 2024;
  • Relevant forecasters predict that economic growth will range between 2.5% and 4.2% for 2024, and between 3.0% and 4.8% for 2025;
  • The rate of inflation was at 3.5% in April 2024;
  • Monetary policy easing has been continued by the National Bank of Moldova (NBM), as the base rate has been lowered to 3.6% in March 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 1Q 2024 results on Tuesday, 21 May at 15:00, Chisinau time via zoom

To access the call please use the  following link using the access code 017024.

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 1T 2024, 21 mai, la ora 15:00, prin zoom.

Pentru a accesa apelul vă rugăm sa folosiți următorul link folosind codul de acces 017024.

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 Вторник, 21 мая, в 15:00 в зуме maib проведет телефонную конференцию, посвященную результатам первого квартала 2024 года.

Чтобы получить доступ к звонку пожалуйста используйте  следующую ссылку используя код 017024.

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 36.7% of deposits and 37.7% of loans of the entire banking system at the end of 1Q 2023. Maib is a disciplined lender with NPL ratio of 2.1% and is well capitalised with CAR of 23.7% as of 31 March 2024. 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

  • 16 May - 1Q 2024 Financial Results Release
  • 21 May - 1Q 2024 Financial Results Conference Call
  • 19 June - Annual ordinary general shareholders meeting (AGM) 2024


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