By: Islam Fadl

Cairo – Mubasher: Misr Iran Development Bank (MIDB) is seeking to raise its profits by 20% during the fourth quarter of this year, the lender’s vice chairman said.

The bank has logged EGP 190 million in profits in Q3-18, Amr Tantawy added on the sidelines of a conference on banks.

Banks’ earnings recently slowed due to fluctuations in the markets over the past period, he highlighted.

MIDB reported a net profit of EGP 95 million in the first half of 2018, versus EGP 185.4 million in H1-17, according to official data.

The bank’s profits amounted to EGP 391 million at the end of 2017, compared to EGP 547.7million a year earlier.

Translated by: Mai Ezz El-Din