Misr Iran’s Retail Portfolio Registers 15 Mln At The End of Q1

Misr Iran Bank’s retail portfolio rose by EGP two million, registering EGP 15 million at the end of the first quarter of the current fiscal year, compared with EGP 13 million at the end of December 2011.

Amr Tantawy, head of retail banking, told Amwal Al Ghad that the Bank does not target expanding in retail banking, but instead the lender plans to expand in financing SMEs.

Misr Iran Bank will open three new branches this year to increase its branches to 17, Tantawy said.

Customers’ deposits portfolio declined by EGP 500 million, registering EGP 5.5 billion during the first quarter of the current fiscal year, compared with EGP 6 billion at the end of 2011, Tantawy said, adding that the Bank targets increasing deposits portfolio by EGP one billion to register EGP 6.5 billion this year through launching savings accounts with competitive interest rate.