MIB Proposes MVR 103 Million in Share Profits with 58% Increase in Dividend for 2023

The Maldives Islamic Bank (MIB) Board of Directors has proposed distributing MVR 103 million in share profits at the upcoming Annual General Meeting (AGM). This proposal suggests a payment of MVR 4.58 per share, reflecting a 58% increase from 2023. The distribution plan includes a 50% cash dividend and the remaining balance as bonus shares, with bonus shares being issued at a rate of MVR 35 each.

The cash dividends and bonus shares will be allocated to all shareholders by the time of the 15th AGM. The proposal will be presented for voting at the AGM, scheduled for later this year. MIB has stated that details regarding the meeting and other relevant information will be shared next month.

MIB considers the previous year to have been a successful one, marked by the introduction of new service centres and advancements in digital banking. Additionally, the bank earned three international awards. As the first fully-fledged Islamic bank in the Maldives, MIB also became the pioneer in offering all of its banking services online.