YEREVAN, March 12. /ARKA/. The goals of the long-term development program of “Areximbank-Group of Gazprombank” will have such financial indicators in three years which will allow the bank to take leading positions in the financial market of Armenia, press-service of the Bank informed on Monday ARKA News Agency.

Financial model of the Bank’s development assumes that by the end of 2012 its charter capital will be replenished by another $10 million making 16 billion drams ($41 million).

In three years the Bank’s assets should increase twice, credit portfolio – two times, total liabilities – 2.1 times and the net income – 2.3 times.

In 2011 “Areximbank-Group of Gazprombank” registered 50% growth by all the main financial indicators, including the assets, credit portfolio and profitability.

The assets of the Bank were about 96 billion drams ($250 million), liabilities – over 80 billion drams ($210 million).

Credit portfolio was about 75 billion drams ($195 million), of which credits provided to legal entities were 62 billion drams ($162 million), and credits to individuals - 13 billion drams ($33 million).

By the end of 2012 "Areximbank-Group of Gazprombank” plans to increase its credit portfolio to 93 billion drams ($240 million).

According to ARKA’s data, as of December 31, 2011 the assets of Areximbank-Group of Gazprombank were 95.9 billion drams, liabilities – over 80.1 billion drams, total capital - over 15.7 billion drams, charter capital – over 12.3 billion drams, credit investments - about 74.7 billion drams, liabilities to the clients – 32.8 billion drams. Net profit in 2011 was over 1 billion drams.

“Areximbank-Gazprombank Group” was established in 1998 for the support of entrepreneurship and service of financial flows between Russia and Armenia. Since 2007 the bank is 100% affiliate structure of Russian Gazprombank. The bank is the full member of international payment systems VISA, MasterCard International and local payment system ArCa. –0--