Misr Iran Bank Hits EGP2.5bln T-Bills and Firms Investments in Q1

Misr Iran Development Bank registered EGP2.5 billion as total investments for treasury-bills and firms within the first quarter of 2014.

These investments divide between EGP2 billion for treasury bills and EGP500 million for firms ,Amr Tantawy, the Managing Director said.

Misr Iran bas inched its capital from EGP714 million to EGP1.020 billion in 2013 as a set aside reserves and profits for enhancing the expansion plan, to reflect on the achieved net profits of the last year which estimated at EGP245 million, Tantawy added.

The bank is targeting boosting its deposits which reached up EGP8.5 billion to become EGP9.25 billion within 2014, in addition to aiming to increase the loans’ portfolio that up EGP4 billion with ranging rate between 20 to 25% in this year.