Misr Iran Bank Q1 customer deposits record 11 bln Egyptian pounds

Egypt’s Misr Iran Development Bank (MIDB) registered y-o-y rise in customer deposits to reach 11 billion Egyptian pounds (US$1.2 billion) in the first quarter of 2016, managing director announced Saturday.

By end of first quarter of 2015, Misr Bank’s customer deposits hit 8 billion pounds.

Amr Tantawy, Managing Director at Misr Bank, further said the bank’s loans rose to 5 billion pounds by end of March 2016, from 3.9 billion pounds in the same period a year earlier.

Founded in 1975, Misr Iran Development Bank has current shareholding comprising Egyptian government through the National Investment Bank (29.93 percent), private-public Misr Insurance Company (16.06 percent), Misr Life Insurance (13.87 percent), and Tehran-based state-run Iran Foreign Investment Company (40.14 percent).