Bank Tejarat Raises Capital 340 Percent: What the H1 1404 Earnings Report Shows (Wednesday, July 8, 2026)

Bank Tejarat (Tehran Stock Exchange ticker: Vetejarat, وتجارت) raised its registered capital 340.6 percent at an extraordinary general meeting on March 3, 2025 (13 Esfand 1403), from 33.6 to 148 trillion tomans, one of the largest bank capital increases on the Tehran Stock Exchange in this period. The bank's first six-month report since that increase, covering the first half of Iranian fiscal year 1404, shows net profit up 14 percent and earnings per share up 21 percent from the same period a year earlier.

Background

Bank Tejarat's extraordinary general meeting, held Monday, March 3, 2025, drew 63.77 percent shareholder attendance and was chaired by Morteza Tork Tabrizi. The capital increase was funded by 20 trillion tomans in retained earnings and about 94.4 trillion tomans in fixed-asset revaluation surplus. The bank's board subsequently proposed a further capital increase of roughly 7 percent (about 11 trillion tomans), which would bring capital to around 159 trillion tomans, funded by retained earnings and other reserves; as of early 2026 (Bahman/Esfand 1404) that proposal was still awaiting approval from Iran's Securities and Exchange Organization and final registration, so it should not be treated as settled.

The numbers

Capital before the increase	33.6 trillion tomans
Capital after the increase (approved March 3, 2025)	148 trillion tomans
H1 1404 net profit	6.38 trillion tomans (up 14%)
H1 1404 earnings per share	47 rials (up 21%)
H1 1404 operating profit	4,997 billion tomans (up 247%)
H1 1404 operating revenue	61,262 billion tomans (up 27%)

All six-month figures cover the period ended September 22, 2025 (31 Shahrivar 1404), with growth measured against the same period in fiscal 1403. Operating profit growth (247%) clearly outpaced operating revenue growth (27%), pointing to a relative decline in costs alongside revenue growth; the report does not state a specific reason for that gap, and it is worth tracking in the bank's more detailed filings.

Drivers

Unlike many bank capital increases funded solely by asset revaluation, Bank Tejarat's 148-trillion-toman increase drew about a fifth of its funding from retained earnings, suggesting part of the bank's capital growth is rooted in actual past profitability rather than asset remarking alone. The proposed further 7 percent increase, if finalized, would bring capital to nearly 159 trillion tomans and once again shift the basis for calculating earnings per share.

Outlook

On the operational side, Bank Tejarat was one of several banks, alongside Bank Melli, Bank Saderat, and Export Development Bank of Iran, targeted by a cyberattack on Tuesday, June 23, 2026 (2 Tir 1405) that disrupted card-based services; bank officials said Vetejarat's card services were fully restored by 8 PM that evening. This report does not include a current share price or P/E ratio, since no dated, official source for July 2026 was available; any valuation estimate should be based on live Tehran Stock Exchange pricing.

What to watch

The fate of the proposed 7 percent follow-on capital increase and its approval by Iran's Securities and Exchange Organization; Bank Tejarat's fiscal 1404 annual report for final earnings per share; and the trend in operating profit growth relative to revenue in upcoming interim reports.