Armenian banks enlarge their advertisement and representation expenses

18.12.2009 21:26
Armenian banks enlarge their advertisement and representation expenses

YEREVAN, December 18. /ARKA/. Armenian banks have spent AMD 1614.1 million for advertisement and representation over first three quarters of 2009.

This expenditure is 6.4% greater than that of the same period a year earlier.

ARKA News Agency’s analysis grounded on banks’ financial reports shows that one bank’s average advertisement and representation expenses amounted to AMD 73.4 million in Jan-Sept 2009 against AMD 69 million spent at the same period a year before.

One bank’s monthly advertisement and representation expenses average AMD 8.15 million.

According to the analysis, ACBA-Credit Agricole Bank has outdone other banks in spending money for advertisement and representation.

It spent AMD 344.4 million for that at the mentioned period. Its advertising and representation expenses constituted 21.3% of those of the whole Armenian banking system.

The bank has spent 2.1 times greater amount over the three quarters of 2009 than a year earlier.

Anelik Bank with its AMD 188.7 million advertisement and representation expenses cut by 27.8%, compared with the previous year, came second.

Ameribank with its AMD 159 million expenses, 1.5 times greater than Jan-Sept 2008, follows Anelik Bank.

Then came Unibank with its AMD 147.3 million (3.8% reduction) and Armbusinessbank with AMD 115.8 million (45.9% growth).

These five banks’ share in Armenian banking system’s advertisement and representation expenses was 59.2% in (21.3%, 11.7% , 9.8%, 9.1% and 7.2% accordingly) in Jan-Sept 2009.

Twenty two banks with their 365 branches are functioning in Armenia now. ($1 = AMD 377.91).-0--

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