Misr Iran Development Bank targets to increase its paid-up capital by EGP 286 million, to reach EGP one billion by the end of the current year, up from EGP 714 million.
Such increase will be financed by the bank’s retained earnings, sources said. This is the second capital increase in less than a year, as the bank had earlier raised its paid-up capital from EGP 500 million to EGP 714 million at the end of 2011, sources added.
This increase came as the bank plans to strengthen its capital base in order to comply with Basel III regulations and increase the bank’s lending limits especially after the bank began contributing to syndicated loans which require large finances, sources explained.
It is worth mentioning that the bank succeeded in posting profit of EGP 148.5 million in the first half of 2012, up from EGP 144 million at the end of 2011.
