YEREVAN, July 16. /ARKA/. The net profit of Kamurj Universal Credit Organization for the second quarter of this year amounted to AMD 480 million against AMD 250 million for the same quarter a year before, Ara Aghayan, the head of Kamurj UCO board, said Tuesday at a news conference in Novosti International Press Center.

He stressed that the profit has grown mostly thanks to the growth of the loan portfolio which was built up from AMD 5 billion in 2012 to AMD 8.6 billion in early July 2013.

“Agricultural lending makes up about 80% of this amount,” he said.

He said that the universal credit organization’s net profit amounted to AMD 415 million in 2012.
Aghayan said that the organization lends money to farmers in all the provinces of the country.

“The company had 17,000 clients as of July 1, 2013 and 13 branches in provinces,” he said.

In his words, the organization’s authorized capital is AMD 4.5 billion.

Kamurj Universal Credit Organization’s assets totaled 8.9 billion by the end of the second quarter 2013 against AMD 7.5 billion in late December 2012. Its liabilities totaled AMD 3.7 billion against AMD 3.3 billion in 2012, and total capital amounted to AMD 5.1 billion against AMD 4.1 billion in 2012.

Kamurj, a large universal credit organization operating in Armenia, was registered in 2010. Before that, it implemented agricultural and other lending programs in the country as a fund.

The key focus of the organization is lending to farmers. ($1 – AMD 410.24). ---0----