Misr Iran Targets 25% Increase in Loans in 2012

Misr Iran Bank targets achieving an increase in loans portfolio ranging from 20% to 25% and an increase in deposits portfolio of EGP one billion to reach EGP 6.5 billion in 2012, according to the Bank’s estimated budget.

The Bank’s loan-to-deposit ratio reached 72% as loans portfolio registered EGP 4 billion at the end of the first quarter of the current fiscal year with a slight increase under EGP 100 million because of the recession and turmoil Egypt’s market has witnessed, Sources told Amwal Al Ghad.

Sources added that the bank plans to expand in financing SMEs as the lender has already signed finance contracts  with Social Fund for Development with value of EGP 100 million in last March to finance SMEs.

Misr Iran Bank withdrew from participating in EGP 2 billion loan to Al-Futtaim Real Estate Group two years after signing the final contract because of a disagreement between the Group and the banks arranging the loan over the loan guarantees and the conditions.