Misr Iran Loan Portfolio Falls By EGP 100 Mln
Published Wednesday, 04 July 2012 14:34 | Written by Mohamed Hamdy
Misr Iran Development Bank (MIDB)’s loan portfolio has declined by EGP 100 million, recording EGP 3.9 billion, at the end of the first half of the current fiscal year. Noting that the MIDB’s loan portfolio had amounted to EGP 4 billion at the end of December 2011.
MIDB sources mentioned that the bank targets to increase its loan portfolio by 15% through expanding in financing SMEs.
“Misr Iran’s non-performing loans seize only 7% of the total loan portfolio.” The sources noted
Moreover, the sources said the bank has posted gains of EGP 148.5 million during the first half of the current year. Noting that, the bank had posted gains of EGP 139 million during the same comparable period of 2011.
Moreover, the sources mentioned that Misr Iran Bank has continued to witness a decline in its deposits which fell by EGP 1.1 billion to register EGP 5 billion in the first half of the current year, compared to EGP 6.1 billion at the end of 2011, and EGP 7.3 billion at the end of 2010.
"Such a fall-off in deposits came as many customers tended to invest their deposits in treasury bills and bonds after return on these instruments increased to more than 15%."
"However, the bank targets to increase deposits between 20% and 25% by the second half of the current year through offering investment instruments with competitive interest rates." Sources noted.