Misr Iran Bank First Half Gains Hit EGP 148.5 Mln

Misr Iran Development Bank (MIDB) has posted gains of EGP 148.5 million during the first half of 2012. Noting that, the bank had posted gains of EGP 139 million during the same comparable period of 2011.

Sources told Amwal Al Ghad that Misr Iran Bank has achieved remarkable growth rates despite the state of recession and political instability.

“The high growth rates were sparked by the bank’s investments in government debt instruments (treasury bills and bonds).” Sources added

Moreover, the sources mentioned that Misr Iran Bank has continued to lose its deposits as they fell by EGP one billion to register EGP 5 billion in the first half of the current year, compared to EGP 6.1 billion at the end of 2011, and EGP 7.3 billion at the end of 2010.

“Such a fall-off in deposits came as many customers tended to invest their deposits in treasury bills and bonds after return on these instruments increased to more than 15%.”

“However, the bank targets to increase deposits between 20% and 25% by the second half of the current year through offering investment instruments with competitive interest rates.” Sources noted.