YEREVAN, June 2. / ARKA /. Armenian banks’ lending to agricultural sector grew by 9.3% in the first quarter of 2011 to a total of 58.9 billion drams, according to financial reports of the banks for the first three months of the year.

The overall lending to economy grew to 997 billion drams as of March 31, 2011 from 918.4 billion at the end of 2010 December. According to an analysis made by ARKA, ACBA-Credit Agricole was the leading bank by size of lending in agriculture. It accounted for 50.5% of the overall lending to this sector with an outstanding credit portfolio of 29.9 billion drams which made 27.4% of its combined lending.

Ardshininvestbank’s lending to agriculture grew to 4.6 billion drams, Armeconombank’s lending rose to 4.5 billion drams. Artsakh bank was third with a total lending of over 3 billion drams to this sector. It was followed by Armbusinessbank that provided 2.9 billion drams in loans to farmers. There are presently 21 commercial banks in Armenia operating 411 branches. ($1 – 376.1 drams). -0-