Misr Iran Invests EGP 1 Bln In Govt. Debt Instruments

Misr Iran Development Bank’s investments in government debt instruments (treasury bills and bonds) reached about EGP one billion by the end of the first half of 2012.

A source said the bank increased its investments in government debt instruments and companies and that helped in boosting the bank’s profit to reach EGP 150 million at the end of June 2012.

The bank plans to raise its paid-up capital by EGP 286 million to register EGP one billion by the end of this year, up from EGP 714 million currently.

Such capital increase will be met through the bank’s retained profit. It will be the second capital increase in less than a year as the bank had earlier raised its capital from EGP 500 million to EGP 714 million at the end of 2011.