Mortgage portfolio of VTB Bank (Armenia) reaches about $40 million

28.04.2010 21:31
Mortgage portfolio of VTB Bank (Armenia) reaches about $40 million

YEREVAN, April 28. /ARKA/. VTB Bank (Armenia) didn’t stop extending mortgage loans in 2009, and its mortgage portfolio has already reached about $40 million, Valery Ovsyannikov, director general and chairman of the bank’s directorial board, said Wednesday in Novosti International Press Center.

“Mortgage lending is a very important segment of our activity, and we haven’t stopped it even for one day,” he said.

Ovsyannikov said that the bank only tightened requirements to potential borrowers.

“We are financing mortgage thanks to the refinancing provided by Mortgage Company and the central bank’s resources, since there are no long drams.”

Stressing that he sees no problems with it, Ovsyannikov said that problems are connected rather with currently stagnant construction sector than mortgage product itself.

VTB Bank Armenia (Armenian Savings Bank before June 2006) joined VTB Group in April 2004.

VTB holds 100% of shares of VTB Bank (Armenia).

The bank’s assets totaled AMD 119 billion by late 2009 (20.7% growth) and liabilities AMD 94 billion (24.5% growth).

Its total capital amounted to AMD 25.1 billion (5.3% growth) and net profit AMD 900 million (69.7% reduction).

The bank’s mortgage portfolio reached 73.6% (3.9%) by late December 2009. ($1 = AMD 388.81). -0---


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