Misr Iran Development Bank (MIDB) aims to achieve a profit of EGP 350m by the end of 2016, according to its managing director Amr Tantawi. The bank is close to completing our aim for 2016, which was to increase the size of the loans portfolio by EGP 800m. The industry sector alone acquires 40% of the bank’s loans, while financial services, construction and contracting sectors acquire 15% each. SMEs currently acquire 15% of the bank’s loans portfolio, and are in line with the new definitions set by the CBE. The deposits portfolio registered EGP 11.3bn as of the end of September, as compared to EGP 8.6bn in the same month in 2015—an increase of EGP 2.7bn.

Source: Daily News Egypt October 16, 2016 06:00 UTC