Misr Iran Development Bank achieved profit of EGP 180 million at the end of Q3, up from EGP 150 million at the end of last June, registering an increase of EGP 30 million.
Sources told Amwal Al Ghad that the bank targets to increase its profit to EGP 250 million by the end of 2012. The bank also plans to increase its paid-up capital by EGP 286 million to reach EGP one billion by 2013, up from EGP 714 million.
Such capital increase will be attained though the retained earnings and ownership equity. The bank plans to strengthen its capital base in order to comply with the Basel III regulations slated to be applied by the end of this decade, in addition to raising the maximum lending limit for each customer, especially after the bank has begun to contribute to syndicated loans.
