Araratbank’s loan portfolio grows 38.67% to AMD 35 billion

09.11.2011 18:42
Araratbank’s loan portfolio grows 38.67% to AMD 35 billion

YEREVAN, November 9. /ARKA/. Araratbank’s loan portfolio has grown 38.67% or by AMD 9.8 billion since the beginning of this year, reaching AMD 35 billion by late September.

“The bank has produced good financial results reaching a high growth in all its financial indicators,” Ashot Osipyan, executive director of Araratbank, said at a news conference on Tuesday.

He said that Araratbank’s assets grew 6.39% or by AMD 4 billion over a period between January and September 2011 to AMD 6.7 billion.

Individuals’ time deposits grew 27.12% or by AMD 2.5 billion in Jan-Sept 2011.

The number of the bank’s plastic cards rose 44.25% or by 85,000 cards, and the number of clients rose by 130,000 people or 38.5% over the mentioned nine months.

Osipyan also said that the bank’s ROE is 20.6% and stressed that even 15% is considered attractive for international investors.

He said that the bank earned AMD 1.7 billion in profits in Jan-Sept 2011. This amount, he said, may grow to AMD 2 billion later this year.

Araratbank OJSC, the heir of Armsvyaz bank, was established in 1991. European Bank for Reconstruction and Development holds 25% of the bank’s shares, 74.18% of the shares belong to Barsegh Beglaryan, owner of Flash petrol trader, and less than 1% to minority shareholders. ($1 = AMD 380.47) -0-


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