Bank Saderat to Resume Trading This Week

Bank Saderat is set to resume trading on Tehran Stock Exchange this week after it published an auditor’s report on its first profit in the current fiscal year (started March 21) on Saturday. Bank Saderat’s trading symbol, alongside those of Mellat, Tejarat and Post Bank, was frozen back in July by the Central Bank of Iran and the Securities and Exchange Organization, Boursepress reported. To end the banks’ practice of giving out dividends that had no real financial backing, they were mandated to prepare their financial statements based on International Financial Reporting Standards. IFRS is a single set of accounting standards, developed and maintained by the International Accounting Standards Board. These standards are now mandated for use by more than 100 countries, including the European Union and by more than two-thirds of the G20 states. Having fixed their books, Mellat and Tejarat returned to trading last year. Their shares nosedived 37.51% and 33.76% respectively upon their opening.