Bank Mellat Predicts 20% Rise in Earnings

Bank Mellat has released its first financial projections for the next Iranian fiscal year on earnings per share and total revenue.

Based on unaudited financial statements, Bank Mellat predicts that in the next fiscal year (which begins in March), the grand total of its earnings will increase by 20% compared with projections for the current fiscal year, according to the public relations department of the bank.

In late January, Bank Mellat became the first of four banks to resume trading after a near seven-month hiatus and was the main reason behind a freefall that registered the biggest decline in Tehran Stock Exchange’s main index in more than two months. 

At the time, the bank’s shares dropped 37.51% to 1,206 rials per share, dragging down the benchmark by 853.55 points. 

Prior to that, Bank Mellat was among the banks whose shares were suspended from trading by the Securities and Exchange Organization as a result of a controversy that erupted when it was disclosed that Bank Saderat, one of the biggest banks privatized in recent years, has incurred huge losses in the first half of the current fiscal year.