Misr Iran Bank Raises Capital By EGP 286 Mln

Misr Iran Development Bank has raised issued and paid-up capital by EGP 286 million to reach EGP one billion last month.

Such capital increase aims at strengthening the bank’s capital base to comply with Basel II standards as well as increasing the credit limit for each customer. Sources affirmed that such increase will be met through retained earnings.

This capital increase is the second one of the bank in less than a year as the bank had earlier raised capital from EGP 500 million to EGP 714 million at the end of 2011.

It is worth noting that the bank achieved profit of EGP 220 million at the end of 2012, up from EGP 180 million at the end of last September.