Misr Iran Says Profits 54% up in 2013, Eyes 20% Growth in 2014

Misr Iran Development Bank (MIDB) revealed on Thursday a rise in net profits by 54% to EGP 333 million at the end of 2013, against EGP 215 million at the end of a year earlier.

An official source from Misr Iran told Amwal Al Ghad that his bank is targeting growth of 20% in its profits throughout 2014, expecting that the MIDB’s profits would hit EGP 400 million by the end of the current year.

By the virtue of raising its issued and paid-up capital from EGP 714 million to EGP one billion, Misr Iran has become fully compliant with Basel II standards, the banking official noted.

Furthermore, the source has referred that Misr Iran alongside the National Bank of Egypt (NBE) are currently arranging loan worth EGP 510 million in favour of El Marakby for Steel. He said Misr Iran contributes with EGP 100 million in El Marakby’s loan.