YEREVAN, April 30. /ARKA/. Net profit of Bank VTB (Armenia), according to audited financial statements for 2012, amounted to 3,821 million drams, the bank’s press office reported.

Bank VTB (Armenia) presented Tuesday its annual audited financial statements as of the end of December 2012, as required by the international financial reporting standards (IFRS).

The bank’s assets grew by 19.1% over the year, up to 211.3 million drams, according to the report.
The bank is leading in Armenia’s banking system with its overall loan portfolio (loans and advanced payments to clients) having risen by 31.3% in 2012, from 128,027 million drams to 168,084 million drams.

Loans to organizations grew by 30.1% over the year, from 79,188 million drams to 103,037 million drams, which constitutes 61.3% of aggregate loan portfolio.

Loans to individuals rose by 33.2% to 65,048 million drams and constituted 38.7% of the bank’s total loan portfolio. In terms of loans to individuals Bank VTB (Armenia) was the second among Armenian banks with a serious market share of 13.3%.

Deposits grew by 26,146 million drams to 105,624 million in the period. Individual deposits alone rose by 54.3% compared to 2011 and totalled 72,633 million drams.

In terms of deposits from individuals, the bank took 10% (against 8% the year before) in the market having climbed from the 5th to the 4th place.

Deposits from legal entities amounted to 32,991 million drams.
Income from main activities rose by 16.9% to 14,733 million drams. Net interest yield climbed 18.5% to 12,532 million drams. Net commission income was 2,201 million drams in the period, an increase of 8.5% against 2011.

“2012 was a year of hard work and progress for Bank VTB (Armenia). For a number of key indicators, we have not only reached but overfulfilled the targets and achieved our ambitious aims and showed high financial performance”, general director, chairman of directorate of Bank VTB (Armenia) Yury Gusev said, as quoted by the press office.

Gusev also said that the bank succeeded in raising the service quality and introducing innovative solutions in distance services and corporate lending within a short period of time.

Bank VTB (Armenia) closed joint stock company became a member of VTB financial group in April 2004. The second biggest Russian bank, Bank VTB ojsc is now the full owner of Bank VTB (Armenia). The bank is among leaders of Armenian banking system in a number of basic indicators. It currently has the biggest network in Armenia – 67 branch offices across the country. ($1=410.45drams).  –0--