VTB Bank (Armenia) posts highest operating profit for first half

27.08.2012 19:55
VTB Bank (Armenia) posts highest operating profit for first half

YEREVAN, August 27. /ARKA/. The Russian-owned VTB Bank (Armenia) posted the highest operating profit for the first six months of the year, according to its press release, sent to ARKA. The total operating profit of the bank totaled 9.2 billion drams, largely due to a 35% increase from the start of the year in its retail business operating profit.

The share of operating profit from retail business in the total operating profit, if compared to the second half of 2011, increased by 9% to 65%.

According to the press release, the bank’s net profit in the first half amounted to 1.9 billion drams, making it the third largest bank in the country by size of net profit. The bank’s loan portfolio increased by 15.1% from the beginning of the year to 141.3 billion drams, while the amount of individual deposits increased by 20.9% to 96.1 billion drams. The income from main activity reached 8.7 billion drams, an increase of 47.4% if compared to the same period of the previous year. And finally, returns on equity (ROE) and assets (ROA) were respectively 12.9% and 2.0%.
The portfolio of individual loans increased by 30.4% (14.6 billion drams) to 62.4 billion drams, while corporate loans grew by 5.3% to 78.9 billion drams.

The volume of private individuals' deposits grew by 23.1% to 57.9 billion drams, which again confirmed the leading position of the bank in this segment. The amount of corporate deposits also increased compared to the beginning of the year by 17.7% to 38.1 billion drams. During the reporting period the bank offered services to 330 thousand individual and 5000 corporate customers.
According to the bank’s acting CEO, Yuri Gusev, VTB Bank (Armenia) is one of the leading Armenian banks in retail and corporate segments.

VTB Bank (Armenia) is fully owned by Russian VTB Group. It has 69 branches across Armenia. -0-


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