{"id":321391,"date":"2021-03-08T13:33:08","date_gmt":"2021-03-08T13:33:08","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=321391"},"modified":"2021-03-08T13:33:08","modified_gmt":"2021-03-08T13:33:08","slug":"midbank-its-new-trade-mark-to-the-egyptian-banking-sector","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2021\/03\/08\/midbank-its-new-trade-mark-to-the-egyptian-banking-sector\/","title":{"rendered":"MIDBank its new trade mark to the Egyptian banking sector"},"content":{"rendered":"

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\u2019s Chairman, Amr El-Garhy, revealed.<\/p>\n

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.<\/p>\n

He further added that the lender aims to invest in SME funds in the upcoming period.<\/p>\n

<\/div>\n

Moreover, the bank is planning to inaugurate eight new branches and develop 12 others before the end of 2021, he noted.<\/p>\n

By\u00a02025, 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.<\/p>\n

Deposits are planned to reach more than EGP 60 billion by 2025 from EGP 24 billion last year, while the bank\u2019s budget is targeted to stand at EGP 70-75 billion by 2025 from 29.2 billion in 2020.<\/p>\n

The bank also aims to achieve net profits of EGP 1 billion by 2025, compared to EGP 303 million in 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"

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\u2019s Chairman, Amr El-Garhy, revealed.<\/p>\n","protected":false},"author":4,"featured_media":320182,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22],"tags":[294],"class_list":["post-321391","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-midbank"],"yoast_head":"\nMIDBank its new trade mark to the Egyptian banking sector - egy-africa<\/title>\n<meta name=\"description\" content=\"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\u2019s Chairman, Amr El-Garhy, revealed.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/egy-africa.com\/en\/2021\/03\/08\/midbank-its-new-trade-mark-to-the-egyptian-banking-sector\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MIDBank its new trade mark to the Egyptian banking sector - 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