Araratbank Not to Pay 2009 Dividends to Its Shareholders

01.06.2010 10:55
Araratbank Not to Pay 2009 Dividends to Its Shareholders

YEREVAN, May 31. /ARKA/. The board of Armenian Araratbank has decided not to pay dividends for 2009 to its shareholders, Ashot Osipyan, chairman of the bank’s board and executive director, said Monday after the third annual meeting of the bank’s shareholders.

He told journalists that 2009 was a crisis year, and the bank made large capital investments and opened new branches that year. Besides, the bank invested a great deal in training specialists. “I hope we’ll make our shareholders happy by paying dividends,” Osipyan said.

He said that Araratbank’s net profit reduced to AMD 365 million in 2009 against AMD 475 million in 2008.

He also added that the bank intended to reach its pre-crisis result this year.
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.-0---

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