YEREVAN, June 1. /ARKA/. Armenian Araratbank’s credit portfolio is planned to be enlarged at least by 70% since the beginning of this year, Ashot Osipyan, chairman of the bank’s board and executive director, said on Monday.

“The bank has the immediate and ultimate goals. The immediate goal is to enlarge the credit portfolio by more than 70% from AMD 16 billion in 2009 to AMD 25 billion by late 2010,” he said answering the question ARKA News agency put to him.

Osipyan reminded journalists that the bank also participates in the program of extending mortgage loans to young families.

He found it difficult to say how much money the bank has lent under this program, but assured journalists that the process is running in due course.

On January 29, 2010, Armenian government approved the AMD 3-billion program “Available Housing for Young Families”.

The program implies extension of a mortgage loan up to AMD 16 million to each eligible family.

Armenian banks have already lent AMD 31 million to young families.

Osipyan said that Araratbank’s credit portfolio amounts to AMD 1.7 billion.

He added that the bank is now negotiating with KfW and EBRD over participation in international mortgage programs.

“Everything will depend on terms,” he said.

Araratbank OJSC, heir of ArmSvyaz, was established in 1991.

In October 1996, the bank received the license #4.

European Bank for Reconstruction and Development holds 25% + one share of Araratbank’s shares and 74.1% belong to Barsegh Beglaryan, owner of Flash Company.

According to ARKA News Agency’s data, the bank’s assets totaled AMD 41.1 billion and liabilities AMD 33 billion by late March.

Araratbank’s total capital amounted to AMD 8.3 billion and authorized capital AMD 6.1 billion.

Its credit portfolio amounted to AMD 18.9 billion and liabilities to clients totaled AMD 25.4 billion by late March.

The bank’s net profit for Jan-March 2010 amounted to AMD 304 million. M.V.-0---