YEREVAN, June 20. /ARKA/. Armenian banks’ lending to the agricultural sector surged in the first quarter of 2012 by 9.5% to about 80.3 billion drams. According to interim financial statements of banks for the first quarter of 2012, the outstanding loan portfolio of 21 banks stood at more than 1.34 trillion drams, up from 1.26 trillion drams at the end of last year.

According to an analysis by ARKA, the leading bank by size of agricultural lending was ACBA-Credit Agricole Bank, which accounted for 47.2% of the combined outstanding agricultural loan portfolio. Some 25% of its loans or 37.9 billion drams were channeled into agriculture.

Other leading banks by size of agricultural lending were Ardshininvestbank (more than 6.7 billion drams), Armbusinessbank (about 6.2 billion drams), Armeconombank (more than 4.8 billion drams) and VTB Bank (Armenia) (around 4.4 billion drams). ($1 – 415.48 drams). -0-