YEREVAN, April 25. /ARKA/. Bank VTB (Armenia) offers overdraft to universal credit organizations to replenish their accounts when required, the bank’s press office reported.

Overdraft is provided to universal credit organizations operating in Armenia for urgent current needs for not less than 12 months, based on an analysis of operations.

This way the bank aims to strengthen its positions in the financial market and increase its share in financial services, while maintaining high level of involved funds, general director – chairman of directorate of the bank Yury Gusev said.

Gusev expressed confidence this new service will boost development of lending market.

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.

Assets of Bank VTB (Armenia) amounted to 307.6 billion drams as of the end of Q1 (2.6% increase against Q4 2013); liabilities were 262.5bln drams (0.12% increase), loan investments – 229.9bln drams (5.9%). Net profit totaled 537mln in the period and total capital was 45.1bln drams (20.3%). ($1=414.08drams).  –0--