Armenian banks to start rallying in 2010

25.01.2010 21:26
Armenian banks to start rallying in 2010

YEREVAN, January 25. /ARKA/. Ararat Ghukasyan, chairman of the Union of Banks of Armenia, thinks the country has already overcome the 2009 uncertainty caused by the global recession.

He told journalists on Monday that banks would start rallying in 2010.

He said banks have built up their capitals in 2009, and Armenian banking system no longer faces the problem of capitalization.

“Now capitalization is far higher than implied by international norms,” he said.

Ghukasyan singled out improvement of services and enlargement of lending among the national banking system’s objectives.

Answering the question ARKA News Agency put to him, Ghukasyan said he didn’t rule out possibility of mergers.

“I find it normal, but whether it will happen or not is the matter of the future.”

Armenia has 22 banks.

Their assets total AMD 1346.1 billion and liabilities AMD 1059.3 billion.

Their total capital amounts to AMD 286.8 billion.

Armenian banks’ credit investments total AMD 724 billion and liabilities to clients AMD 717.2 billion.

Their 2009 aggregate net profits totaled AMD 15.4 billion after taxation. ($1 = AMD 377.75).  --0--

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