YEREVAN, March 5. /ARKA/. “I am very pleased that HSBC Armenia has delivered such a successful result during the year 2011, achieving the highest profit in our history and in the banking sector. HSBC is well positioned in this very competitive market, and with our very clear strategy and committed employees we look forward to dynamic growth again in 2012”, Astrid Clifford, HSBC Bank Armenia Chief Executive Officer, was quoted as saying in a statement.

According to the statement, the bank’s pre-tax profit totaled AMD 8.3bn, an increase of AMD 2.4bn or 40% compared with 2010. Total assets at 31 December 2011 were AMD 179bn, an increase of AMD 34bn or 23.5% compared with 2010. Gross customer loans increased by 25.7% or AMD 22bn to AMD 108bn at 31 December 2011, with the corporate loan portfolio growing by 34% to AMD 86.5 bn. Customer deposits increased by AMD 13bn or 14.4% to AMD 120bn at 31 December 2011. Dividends paid during 2011 totaled AMD 1.1bn. Paid taxes totaled AMD 2.9bn, a 145% increase year on year.

In The Banker’s "Bank of the Year Awards 2011", HSBC Bank Armenia was recognized “Bank of the Year in Armenia” (London, November 2011). HSBC Bank Armenia cjsc was named the "Best Bank in Armenia" by Global Finance magazine (New York, March 2011). HSBC Bank Armenia reopened its full service “Komitas 1” branch at the “Renault-Nissan” showroom on 47 Komitas Street (November 2011).

HSBC Bank Armenia cjsc was the first international bank to open in Armenia in 1996. The bank is a joint venture between the HSBC Group, which has 70 percent ownership, and members of overseas Armenian businesses. The bank offers a wide range of products and services to individual as well as corporate customers, including personal financial services, commercial banking and treasury and capital markets services. Thanks to the HSBC network in 87 countries and territories, the bank is uniquely positioned to provide truly international services to its customers.

The Yerevan office opened with 18 staff and under 100 clients. HSBC Bank Armenia cjsc today has more than 35 thousand individual and almost five thousand corporate customers and employs 398 employees at nine branches and offices in Yerevan. The bank has one of the largest networks of more than 50 ATMs located throughout Yerevan. HSBC in Armenia has grown assets from five million US dollars in 1996 to just 464 million US dollars today.  -0-