Misr Iran Eyes EGP 250 Mln Profit In 2012

Misr Iran Development Bank targets to achieve profit of EGP 100 million in the second half of the current year to reach EGP 250 million by the end of 2012, up from EGP 150 million at the end of the first half.

Sources said the bank’s portfolio of deposits lost about EGP one billion, registering EGP 5 billion in the first half of 2012, compared to EGP 6.1 billion at the end of 2011 and EGP 7.3 billion at the end of 2010 as many customers began to invest in treasury bills and bonds as the return on these instruments rose to 15%.

The bank’s loan portfolio registered a slight decline of EGP 100 million, registering EGP 3.9 billion in the first half of the current year, down from EGP 4 billion at the end of 2011, sources added.

The bank targets to expand in corporate and SMEs loans in addition to investing in government debt instruments in the upcoming period.