YEREVAN, February 3, /ARKA/. The retained earnings of Armenian credit organizations in 2010 surged by 66.1% to 4.3 billion Drams from 2.6 billion Drams in 2009, the Central Bank of Armenia (CBA) said in its review of crediting organizations’ performance in the fourth quarter of the last year.

According to the review, as of December 31, 2010 credit organizations had on their accounts a total of 9.6 billion Drams of accrued retained earnings. The volume of their interest incomes s last year rose to 12 billion Drams, while interest expenses made 3.9 billion Drams.

At the same time the amount of their non-interest income made 4.1 billion Drams and non-interest expenses – 5.8 billion Drams. As a result net interest incomes of crediting organizations grew 11.2% from 2009 to about 8.1 billion Drams, while net non-interest losses made minus 1.6 billion Drams, growing by 36% from 2009.

The crediting organizations also transferred 5.6 billion Drams to their reserve fund and got back 4.6 billion Drams. As a result net transfers made 1.1 billion Drams, down from 2.8 billion Drams in 2009. There are 32 crediting organizations in Armenia operating 60 branches.($1 – 364.75 Drams). -0-