Steady progress for maib in the first half of 2023 despite continued economic turmoil

Steady progress for maib in the first half of 2023 despite continued economic turmoil

The first half of 2023 was marked by ongoing downturn of the Moldovan economy. Most recent economic data indicates a GDP decline of 2.4% in 1Q 2023. Additionally, the National Bank of Moldova (NBM) substantially eased its monetary policy, with base rate decreasing from 21.5% in November 2022 to 6.0% in June 2023. In this environment, maib managed to achieve a 23% bottom line growth in the first half of 2023, as well as paid MDL 1.91 per share in dividends to its shareholders. At the same time, maib continued its transformation with some key milestones hit during the second quarter.


Giorgi Shagidze, CEO maib, said:

"First half of 2023 was comparably better than the second half of 2022, however, it was still a challenging period for the Moldovan economy. As we have communicated earlier we expect a rebound in the second half,I am proud to say that despite the challenges maib continued further strengthening its position across all the segments and products. Its net profit in the first half of the year reached MDL 657.8 million,23.3% higher than the year before (MDL 534.9 million, 1H 2022). This profit increase is built on a solid foundation of new loans supporting both businesses and consumers on the ground. On the digital front we reached an important milestone, as the number of users of maibank mobile app surpassed 500 thousand, an increase of 41% compared to a year ago. Furthermore, during the second quarter of 2023 maib closed on its first ever domestic bond issue and published its first sustainability report, thus leading the way in both financial innovation and sustainability. I would like to thank our loyal customers and our devoted employees for another good result."


Maib key statistics:

  • Net profit reached MDL 657.8 million in 1H of 2023, equivalent to EUR 33.07 million (average exchange rate 1H 2023: MDL/EUR 19.89), growing from MDL 534.9 million in 1H of 2022, equivalent to EUR 26.89 million, a YoY growth rate of 23.3%.
  • Return on Average equity (ROE) stood at 19.0% as of 1H of 2023, as compared to 22.9% in 1H of 2022, reflecting a falling net interest margin due to rapid declines in base rate.
  • Market share statistics as of 30 June 2023, were as follows:
    • Market share of total assets - 31.9%, down by 0.4 pp YoY
    • Market share of total loans - 37.9%, up by 2.4 pp YoY
    • Market share of total deposits – 31.6%, down by 2.2 pp YoY
  • Number of MAIBank users surpassed 500 thousand, an increase of 41% YoY.
  • Over 12 thousand new users join MAIBank each month (average Q2 2023).
  • Out of total retail deposits 59% originated online, whilst for the number of retail loans that number was 45%.


Moldova highlights:

  • The European Political Community (EPC) summit, held on the 1st of June 2023 and hosted by the Republic of Moldova, functioned as a sign of support for Moldova’s future European aspirations, as this was the first instance in which a non-EU country hosted the event. Furthermore, the Moldovan government hopes to begin accession talks by the end of 2023.
  • The National Bank of Moldova (NBM) started monetary policy easing cycle in December 2022. The base rate, which was seen at a high of 21.5% as of November of 2022, has been steadily lowered, reaching a low of 6.0% as of the 20th of June 2023. Monetary policy easing reflects falling inflation, which declined to 10.8% as of July of 2023, from a peak of 34.6% in October of 2022, with NBM forecasts expecting further drops in the foreseeable future. The reserve ratio for MDL deposits was maintained at 34% at the latest monetary policy decision meeting.
  • Moldova is predicted to rebound into a recovery in 2023 with forecasts for 2024-2025 foretelling a stronger economic performance of 3.9-4.3% per year. According to the revised projections, as per the IMF, the World Bank, the Vienna Institute of Economic Studies and the local Economic Ministry, economic growth for Moldova in 2023 is estimated at between 1.8% and 2.5%.


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


Permanent Download Links:

1H&2Q 2023 Financial Results Report  1H&2Q 2023 Financial Results Presentation
Download Report Download Presentation


Conference Call

Maib will hold conference call covering 1H & 2Q 2023 results on Tuesday, 22 August at 16:00 via zoom.

To access the call please use the following link using the access code 341389.

Simultaneous translation in Romanian and Russian will be available to the participants.

Please submit your questions via chat or via email at



Maib va ​​organiza o conferință telefonică care acoperă rezultatele 1H&2Q 2023, 22 August, la ora 16:00, prin zoom.

Pentru a accesa apelul vă rugăm sa folosiți următorul link folosind codul de acces 341389.

Traducerea simultană în română și rusă va fi disponibilă pentru participanți. Vă rugăm să

adresați întrebările dvs. prin chat sau prin e-mail la



B понедельник, 22 Августа, в 16:00 в зуме maib проведет телефонную конференцию,

посвященную результатам за первое полугодие 2023-года.

Чтобы получить доступ к звонку, пожалуйста, используйте следующую ссылку используя код 341389

Участникам будет доступен синхронный перевод на румынский и русский языки.

Пожалуйста, направляйте свои вопросы в чат во время звонка или по электронной



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 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 and serves almost a third of the country's population. 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

  • 22 August – 2Q & 1H 2023 Financial Results Conference Call
  • 07 September - WOOD&Co. Frontier Market Day in Bucharest


Contact investor relations


Maib Investor Relations

Evgenii Risovich
Phone: +37368403477


Press Contact

Daniela Șerban
Phone: +40742242662