Armenian Development Bank’s assets tripled to more than 70 billion drams

26.02.2014 18:09
Armenian Development Bank’s assets tripled to more than 70 billion drams

YEREVAN, February 26. /ARKA/. Armenian Development Bank has tripled its assets over three years to more than 70 billion drams, Karen Sargsyan, chairman of the bank’s board, said Wednesday at a news conference while summarizing the bank’s activity for 2013.

“The bank’s assets totaled about 24.7 billion drams three years ago, and it means they have grown approximately three times,” he said.

The bank’s liabilities exceeded 60 billion drams by the end of 2013. Its assets grew 37.4% over the year and liabilities 42.8%.

“Armenian Development Bank is third among the country’s banks in building up assets and third in increasing liabilities – it showed 64% and 78% growth respectively,” Sargsyan said.

He also said that the bank’s loan portfolio amounted to about 37 billion in 2013 against 34.9 billion in 2012. Lending to small and mid-scale businesses made up 60% of the bank’s loan portfolio in 2013.
The bank had 25,000 clients in 2013 – 29% growth since the beginning of the year.  It earned 881.6 million in profits in 2013 – 37% growth, compared with the previous year.

Answering ARKA News Agency’s question, Sargsyan said the bank intended to offer a new range of services to the market, particularly mortgage lending.

The bank is also going to open new branches – two in Yerevan’s Kentron and Malatia-Sebastia administrative districts and one in a province. Now it has seven branches.

Armenian Development Bank was established in 1990. The bank’s shareholders are Ruben Hayrapetyan (19.98%), Araik Mekhakyan (16.95%) and Grikor Termenjyan (16.03%). ($1 – AMD 412.73). -0---


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