Home MoneyBanks Misr Iran Bank Q1 customer deposits record 11 bln Egyptian pounds

Misr Iran Bank Q1 customer deposits record 11 bln Egyptian pounds

by Yomna Yasser

Egypt’s Misr Iran Development Bank (MIDB) registered y-o-y rise in customer deposits to reach 11 billion Egyptian pounds (US$1.2 billion) in the first quarter of 2016, managing director announced Saturday.

By end of first quarter of 2015, Misr Bank’s customer deposits hit 8 billion pounds.

Amr Tantawy, Managing Director at Misr Bank, further said the bank’s loans rose to 5 billion pounds by end of March 2016, from 3.9 billion pounds in the same period a year earlier.

Founded in 1975, Misr Iran Development Bank has current shareholding comprising Egyptian government through the National Investment Bank (29.93 percent), private-public Misr Insurance Company (16.06 percent), Misr Life Insurance (13.87 percent), and Tehran-based state-run Iran Foreign Investment Company (40.14 percent).

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