YEREVAN, May 17, /ARKA/. The combined assets of Armenian crediting organizations grew by 14.1% or 12.6 billion drams in the first quarter of 2011 to 102 billion drams, according to an analysis made by ARKA news agency.

The analysis shows that Norvik crediting organization was the leader by assets size. Its total assets rose by 60.05% in the first three months of 2011 from a year earlier or 6.6 billion drams to 17.7 billion drams. Norvik accounted for 17.1% of the combined assets of all crediting organizations.

The second largest was the National Mortgage Company, which reported a 25.25% year-on-year rise (2.6 billion Drams) to a total of 12.9 billion drams. Its share in the combined assets was 12.63%. Finka universal crediting organization was third with 11.1 billion drams of total assets which grew in the first quarter of 2011 by 10.45% or 1.1 billion drams. Aregak universal crediting organization’s assets grew by 4.04% or 412 million drams to 10.6 billion drams. It accounted for 10.35% of the combined assets and ACBA Leasing was fifth reporting a 0.86% rise (68.3 million drams) to 8.01 billion. Its share in the combined assets was 7.81%.

The highest asset growth rate of 60.05% was reported by Norvik universal crediting organization. The assets of Ecumenical Church Fund crediting organization rose by 40.57% or 87.5 million drams to 303.4 million drams and the National Mortgage Company posted a 25.25% rise (2.6 billion drams) to 12.9 billion drams.

There are 31 crediting organizations in Armenia with 62 branches. -0-