Misr Iran Bank: Profits Hit EGP229 million in 9 Months

Misr Iran Development Bank (MIDB) announced Thursday its profits hit EGP 229 million during the first nine months of 2014.

The bank posted profits worth EGP 187 million during the last six months ended on June 30, 2014.

According to an official at MIDB spoke to Amwal Al Ghad on Thursday, the bank recorded EGP 42 million in profits during the third quarter of 2014, versus EGP 95 million during second quarter.

Misr Iran is targeting 20% growth in its net profits to EGP 300 million by end of 2014, the source noted.

Furthermore, the source referred that MIDB signed an agreement with the Egyptian Mortgage Finance Fund, allocating around EGP 150 million to offer its client the new mortgage product within the current month.

Over 10 banks had already signed agreements with the Egyptian Mortgage Finance Fund, notably the National Bank of Egypt, Banque Du Caire, Housing and Development Bank (HDB), Egyptian Arab Land Bank (EALB), and Industrial Development & Workers Bank of Egypt (IDWBE).

Following the increase in its authorised and paid-up capital to EGP one billion, Misr Iran has become fully compliant with Basel II standards.