Annual Budget Forecasts Increase in Banks' Income

Net earnings of eight state-owned banks and the Central Bank of Iran has been forecast at 3,247.7 trillion rials ($6.186 billion) in the March 2023-24 draft budget.

This is 40% higher on the 2,314.28 trillion rials ($4.4b) in the outgoing year, according to a report by the news agency of the Monetary and Banking Research Institute, IBENA.

Lenders have been placed in two categories based on their financial health. The revenue forecast is 1,855.07 trillion rials ($3.53b) for six banks that are either making profit or at the least break-even.

This group includes the Central Bank of Iran, Bank Melli, Bank Keshavarzi (AgriBank), Bank of Industry and Mine, Export Development Bank of Iran and Post Bank.