Misr Iran Bank to pump EGP 500 mln into personal finance sector

Misr Iran Development Bank (MIDB) seeks to enter into personal finance sector during 2019 through launching number of products, Managing Director Amr Tantawy told Amwal Al Ghad.

He added that the bank has allocated an initial portfolio of 500 million Egyptian pounds for the new finance sector.

On the other hand, MIDB is studying the possibility of pumping syndicated loans of  500 million Egyptian pounds  into the energy sector.

He added that the bank achieved a net profit of 190 million pounds during the period from January to September 2018, compared with a profit of 158 million pounds by the end of the first half of 2018.

He pointed out that the employment rate of loans to the bank deposits of around 44% of the end of September 2018 as the bank loans registered about 8 billion pounds and the volume of deposits amounted to 18 billion pounds, the end of September.

Regarding the implementation of the IFRS 9 accounting standards during 2019, the bank  has assigned risk reserve of 117 million Egyptian pounds during 2017 budget according to the central bank’s directives.

Founded in 1975, Misr Iran Development Bank (MIDB) is 59.86 percent controlled by Cairo and 41.14 percent by Iran Foreign Investment Company (IFIC), a state-owned company to manage the state’s assets and investments overseas.