Misr Iran Bank Eyes 25% Profit Increase In 2013

Misr Iran Development Bank achieved profit of EGP 300 million before deducting taxes and provisions at the end of 2012, compared to EGP 148 million at the end of June 2012. Sources said the bank targets to increase profit by 20% to 25% in 2013 and achieving net profit of EGP 300 million.

The bank raised its issued and paid-up capital by EGP 286 million last December from the retained earnings to reach EGP one billion, up from EGP 714 million so as to strengthen its capital base to comply with Basel II standards as well as raise the credit limit for each customer.

The bank plans to inject new loans worth EGP one billion to raise the loan portfolio to EGP 5 million, compared to EGP 4 billion at the end of 2012.