Misr Iran Bank eyes EGP300 million Profits in 2015

Misr Iran Development Bank (MIDB) is targeting higher profits by end of 2015 to reach EGP 300 million, from EGP 270 million last year, managing director Amr Tantawy stated on Monday.

In an interview with Amwal Al Ghad, Tantawy pointed out that MIDB aims to raise customers’ deposits from EGP 6.5 billion to EGP 9.3 billion at the end of 2015. In addition, the bank eyes loan portfolio to reach EGP 4.8 billion opposed to last year’s EGP 3.8 billion.

“MIDB is trying to diversify its credit portfolio into different sectors” stated the managing director. He added that the bank funds several sectors, most prominently of industry, services, animal and agricultural-production and construction as well as infrastructure projects.

Tantawy further said MIDB seeks to apply money transfer via mobile service as the management provides the necessary technology structure to activate it.