Misr Iran Bank’s Investments in T-Bills Fell to EGP1.4bn in September

Misr Iran Development Bank’s investments fell to EGP200 million to register EGP1.4 billion in September in compared to EGOP1.6 billion in 2013.

The latest reports of the Central Bank of Egypt revealed that the private sector banks’ investments in treasury bills retreated to record EGP140.2billion in July 2014 against EGP143.5 billion in June 2014.

An official source has told Amwal Al Ghad that despite declining the bank’s investments in treasury bills but the bank attained profits worth EGP229 million in September 2014 in compared to EGP187 million in June 2014.

Misr Iran is targeting to attain EGP300 million net profits by the end of the current year with 20% growth rates.

The bank has contracted an agreement with mortgage finance fund and collect EGP150 million for the new product to start financing it in the ongoing month.

More than 10 banks have contracted an agreement with mortgage finance fund most notably National Bank of Egypt (NBE), Banque Misr, Housing and Development Bank (HDB), IDWBE, Egyptian Arab Land Bank (EALB).