YEREVAN, March 18. /ARKA/. HSBC Bank Armenia CJSC’s profit before taxation grew more than two times over 2010 reaching AMD 5.9 billion by late December, Gevorg Tarumyan, the bank’s chief financial officer, said on Friday at a news conference dedicated to the 15^th anniversary of the bank’s activity in Armenia.

“This is the best result in Armenian banking system,” he said.

Tarumyan said that the HSBC Bank Armenia also built up its assets by 7% to AMD 145 billion.

The bank’s loan portfolio grew 36% to 86 billion, and lending to individuals grew 67% in 2010, compared with the previous year.

Lending to legal entities in the bank’s loan portfolio amounted to AMD 65 billion in 2010, Tarumyan said.

In his words, the bank wouldn’t be able to reach such results without enlargement of the bank’s capital by shareholders.

“Taking into account that the central bank tightened norms in 2010 and that we focused our efforts on enlargement of loan portfolio in Armenia, the bank’s shareholders have eagerly built up our capital by AMD 2.9 billion or $8 million,” he said.

The bank’s total capital amounted to AMD 24.7 billion in late December 2010.

In 2010, the central Bank of Armenia decided to tighten its monetary policy and capital adequacy norms. The decision took force on April 14.

HSBC Bank Armenia, subsidiary of HSBC Bank Plc, was opened in Armenia in 1996.

HSBC Group holds 70% of HSBC Bank Armenia shares. The remaining 30% belong to Armenians living abroad. The bank provides a wide range of services to legal entities and individuals. It has eight branches and more than 50 ATMs.

In late January 2009, HSBC Bank Armenia became a member of  NASDAQ OMX Armenia Stock Exchange. ($1 = AMD 369.62). -0-