Misr Iran Bank H1 Net Profits hit $19mln

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Misr Iran Development Bank (MIDB) has obtained net profit worth EGP151 million (US$19.2 million) in the first half of 2015 versus EGP 270 million at the end of 2014, Managing Director Amr Tantawy said Wednesday.

Tantawy told Amwal Al Ghad that MIDB targets achieving profits worth 300 million Egyptian pounds at the end of 2015.

Misr Iran Development Bank has allocated 150 million Egyptian pounds to fund mortgages for people on low and middle incomes, the official stated.

He added that the bank has recently pumped US$60 million to participate in joint loans in Petroleum and power sectors as well as increasing its capital from 714 million Egyptian pounds to one billion Egyptian pounds.