By: Islam Fadl

Cairo – Mubasher: MIDBank, formerly known as Misr Iran Development Bank, reported a 165% year-on-year (YoY) surge in its net profits, logging EGP 303 million in 2020, compared to EGP 114 million in 2019, the bank’s Chairman, Amr El-Garhy, revealed.

The bank has increased its small and medium-sized enterprise (SME) financing portfolio to 20% of total loans as required by the Central Bank of Egypt (CBE), he said in a press conference on Monday.

He further added that the lender aims to invest in SME funds in the upcoming period.

Moreover, the bank is planning to inaugurate eight new branches and develop 12 others before the end of 2021, he noted.

By 2025, the bank aims to increase the number of branches to 40 from the current 16 and expand into retail and SME services in order to improve financial inclusion.

Deposits are planned to reach more than EGP 60 billion by 2025 from EGP 24 billion last year, while the bank’s budget is targeted to stand at EGP 70-75 billion by 2025 from 29.2 billion in 2020.

The bank also aims to achieve net profits of EGP 1 billion by 2025, compared to EGP 303 million in 2020.