Misr Iran Bank Seen Biggest Profitability by end-2014

Egypt’s Misr Iran Development Bank is expected to post profits worth 270 million Egyptian pounds (US$37.7 million) by end of this year to its biggest profitability, said managing director Amr Tantawy.

According to Tantawy, the bank registered profits worth 229 million pounds by end of September 2014, up from 187 million by end of June 2014.

The banking official also referred that the bank had received financing at value of 150 million pounds from the Egyptian Mortgage Finance Fund, designated to start its mortgage finance activity within 2015.

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