Misr Iran Development Bank decided to postpone the launch of three new branches in Delta, Upper Egypt and Suez Canal regions to next year. The branches were destined to be inaugurated during the second half of the current year.

The bank awaits political stability and economic recovery in order to launch the new branches, said Amr Tantawy, head of retail banking department at the bank.

The bank inaugurated three new branches this year, raising the number of branches to 14, and targets to increase its branches to 17 by next year, he added. The bank has selected such regions for opening new branches in order to attract a new customers segment, he explained.

Misr Iran Development Bank achieved profit of EGP 148.5 million in the first half of 2012, up from EGP 145 million by the end of 2011.