YEREVAN, July 25. /ARKA/. Net profit of Ardshininvestbank reached a record-high level of 2.1 billion drams in 6 months of 2013, an increase of 1.5 times compared to the same period the year before, the bank’s press office reported.

Despite the rising competition in Armenia’s banking services market, the bank continued showing stable growth of its financial indicators, says the bank’s report for the first half of 2013.

Among key factors that have contributed to the growth of net profit were increased credit portfolio volume, enhanced efficiency of risk management system and overall efficiency of the bank, says the report.

Net interest yield amounted to 6.2 billion drams in 6 months of 2013, and increase of 41.6% over the level of the same period the year before.

Net commission income rose by 14.2% to 1.8 billion drams compared to the same period of 2012. The bank remains the first among Armenia’s commercial banks in this indicator, according to the report.

Net operating income of the bank grew by 33.3% to 9 billion drams against the same period of 2012.

Such a growth rate is unprecedented in the banking system throughout the world and has been possible as asset placement target is achieved and share of profitable assets is increased, the press office said.

The bank’s CIR was 47.4% as of July 1, 2013, with the average in the banking system being at 57.5%.

Along with positive financial outcome, the bank continued strengthening its risk management and development of its operational system, according to the report. The bank still ranks the second in branch network in Armenia’s banking system, says the press office.

A total of 9,671 legal entities and 221,866 individuals are registered in the bank’s client database as of July 1, 2013, an increase of 20% as compared to the end of 2012. The number of the bank’s service points was 324 as of July 1.

Ardshininvestbank received its license for banking activities from the Central Bank of Armenia on February 27, 2003.

The bank has 49 branches in Armenia, six in Nagorno-Karabakh Republic and one office in Paris. ($1=410.33drams). –0--