Invalda INVL : Moldova-Agroindbank will pay dividends of EUR 10.3 million

Moldova-Agroindbank (maib), Moldova's largest commercial bank, in which the leading Baltic investment management and life insurance group Invalda INVL and its clients indirectly own a stake, will pay out 198.2 million Moldovan leu (MDL) (EUR 10.3 million) of dividends. The decision was made at the general meeting of the bank's shareholders on 15 June.

The bank had an unaudited net profit of MDL 1.13 billion (EUR 56.8 million) in 2022, or 56.8% more than in 2021. Its net interest income for the year was MDL 3.11 billion (EUR 156.2 million) and was 50.6% larger than the year before. Last year's profit was boosted by a one-off transaction in the first quarter involving the sale a written-off loan for EUR 11.5 million.

"While the Moldovan economy is under strain due to Russia's war in Ukraine, maib is steadily strengthening its position in the market and showing good results. The results, driven by the entire team's work and customer orientation, along with a strong capital base, allow us to both pay dividends and plan future expansion," says Vytautas Plunksnis, the Chairman of the Supervisory Board at maib and Head of Private Equity at the INVL group.

Last year, maib did not pay dividends in keeping with the recommendation of the National Bank of Moldova (NBM) that the country's commercial banks refrain from paying dividends in the calendar year 2022 due to the uncertainty in the region caused by the war in Ukraine and the possible negative consequences for the sustainability of the financial sector.

Since 2018, maib's largest shareholder has been HEIM Partners, a consortium of investors consisting of the European Bank for Reconstruction and Development, Invalda INVL - a leading investment management and life insurance group in the Baltic region, and Horizon Capital - a private equity fund manager focused on emerging Europe. The consortium owns 41.09% of maib's shares. Invalda INVL invested in the bank through the company MD Partners, of which it controls 51.37% of shares. The rest of the shares of MD Partners belong to private investors who have invested through the INVL Special Opportunities Fund for informed investors managed by INVL Asset Management.

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About maib

Maib is the largest bank in Moldova. As of 31 Mach 2023, it accounted for 33% of the country's bank assets market and 37% of loans. The bank serves more than a third of the people in Moldova and is one of the country's largest employers. Maib has a high level of capitalisation - as of 31 March 2023, its capital adequacy ratio was 21.8%. The bank has been recognised for customer service quality and product innovation.

About INVL

INVL is the leading investment management and life insurance group in the Baltic region. Its companies manage pension and mutual funds and life insurance directions, individual portfolios, private equity and other alternative investments. Over 300,000 clients in Lithuania, Latvia and Estonia and international investors have entrusted the group's companies with the management of more than EUR 2 billion of assets. In the business for more than 30 years now, the group has solid experience in managing private equity assets and building market players that are leaders in their respective fields in the Baltic countries and Central and Eastern Europe.