Araratbank expects its major indices to grow 40 percent this year

15.01.2010 20:40
Araratbank expects its major indices to grow 40 percent this year

YEREVAN, January 15, /ARKA/. Armenian Araratbank expects all its major indices to growth by 40% this year, its executive director, chairman of board, Ashot Osipyan, said at a news conference today. He said despite the economic crisis the bank managed to secure a similar growth in 2009.

He said the bank’s aggregate assets grew in 2009 by almost 40% to total 41.342 billion Drams, the net profit amounted to 580 million Drams and credit investments rose by 33% to 16.175 billion Drams.
Liabilities grew by 51.6% to 33.494 billion drams while the aggregate capital grew by 4% to 7.848 billion Drams.

Ashot Osipyan said the number of plastic cards issued by the bank rose by 79% to 38,200 and is expected to grow further this year to 60,000. he said the bank plans also to increase the number of its chapters which are 27 now.

Araratbank, previously called Haykap Bank, was founded in 1991 and provides a full range of banking services to corporate, MSME and retail customers. The bank has established a reputation as a small but reliable and dynamically growing financial institution.

EBRD holds 25% in Araratbank. The rest is held by Barsegh Beglarian, head of the biggest petrol importing company Flash.

Araratbank joined NASDAQ OMX Armenia January 30, 2009. It has 27 branches across the country. ($1- 377.61 Drams). -0-

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