Profit of HSBC Bank Armenia for nine months AMD 3.9 billion

15.10.2010 13:29
Profit of HSBC Bank Armenia for nine months AMD 3.9 billion

YEREVAN, October 15. /ARKA/. Profit of HSBC Bank Armenia grew by 30% over nine months of this year, compared with the same period of the previous year, to AMD 3.9 billion, HSBC Bank Armenia CEO Astrid Clifford said on Thursday.

She told journalists that the bank sustained losses in 2009 because of the currency devaluation. That is why the year-on-year profit growth was 30% in Jan-Sept 2010.

The bank’s credit portfolio grew 32% from AMD 63 billion to AMD 83 billion.

HSBC Bank Armenia, subsidiary of HSBC Bank Plc, was registered on September 25, 1995. HSBC Europe BV holds 70% of HSBC Bank Armenia shares. The remaining 30% belong to Wings Establishment.

In January 2009, HSBC Bank Armenia became a member of NASDAQ OMX Armenia.

According to ARKA News Agency’s data, the bank’s assets totaled AMD 126.7 billion and liabilities AMD 107.9 billion by late June 2010.

Its total capital amounted to AMD 18.8 billion, authorized capital AMD 7.6 billion and credit portfolio AMD 70.3 billion.

Liabilities to clients totaled AMD 201.9 billion and the profit for the first half of this year amounted to AMD 1.9 billion.

The bank has seven branches in Armenia. ($1= AMD 361.28). -0-


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