Araratbank earns 1.27 billion drams in net profits last year

22.06.2011 17:41
Araratbank earns 1.27 billion drams in net profits last year

YEREVAN, June 22, /ARKA/. In 2010 Armenian Araratbank earned a total of 1.279 billion drams in net profits, by 250.1% more than in 2009, Araratbank board chairman, Ashot Osipyan, told journalists on the sidelines of the bank’s annual shareholders conference today. He said 248.5 million drams of net profit were paid as shareholder dividends and 70 million drams were transferred to the Reserve Fund.

According to him, the bank’s assets last year grew by 44.8% to almost 63 billion drams and its outstanding credit portfolio saw a 57% rise to 25.2 billion drams. He said 60% of the growth in lending was secured by small and medium-sized businesses, 33% by mortgage lending and the remaining portion by lending to large companies. He said 99% of all loans were the so-called standard loans.

Ashot Osipyan also said Araratbank’s liabilities in 2010 surged by 48.3% to 52.7 billion drams and individual deposits increased by 145.7%. The bank’s total capital last year grew by 29.1% to 10.2 billion drams. Araratbank issued last year 52,452 plastic cards, by 37.% more than in 2009. Its clientele base rose to 93,523, by 41% more than in 2009.

Araratbank, previously called Haykap Bank, was founded in 1991 and provides a full range of banking services to corporate, MSME and retail customers. The bank has established a reputation as a small but reliable and dynamically growing financial institution. EBRD holds 25% in Araratbank. The rest is held by Barsegh Beglarian, head of the biggest petrol importing company Flash. The bank operates 33 branches. -0-


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