YEREVAN, June 29. /ARKA/. Armeconombank earned 497.3 million drams in net profit in 2011, an increase of 41.3% over the previous year, the Bank’s CEO, Armen Naljian, told an annual meeting of shareholders today.

"We appreciate the past year as successful. The indicators we achieved last year provide a solid ground for further sustainable development", he said.

Naljian said the bank's assets saw an 18.9% growth compared with 2010, amounting to 60.3 billion drams, while the amount of loans and borrowings amounted to 29.2 billion, up from 27.8 billion drams in 2010.

He said Armeconombank’s commitments grew by 22.2% to 51.1 billion drams against 41.8 billion drams in 2010, reflecting customers’ and partners’ growing confidence in the bank. Individual time deposits soared by 52.9%. The bank’s total capital in 2011 amounted to 9.2 billion drams, an increase of 3.5 percent compared to 2010, secured by profits. According to the banker, the bank issued last year 31,954 plastic cards raising their total number to 140,461.

"The number of bank customers last year grew by 28 percent to 106, 200," he added.
The bank operates currently 39 branches in the capital and regions.

More than 78% of the bank’s shares are owned by EBRD (25% +1 share) and the Sukiasian family, founder of SIL Concern (53.4%). The remaining shares belong to resident and nonresident individuals. ($1 - 417.64 drams). -0-