YEREVAN, October 19. / ARKA /. Armenia-based Anelik Bank said today its portfolio of time deposits in the third quarter of 2015 amounted to over 55 billion drams, a 28% surge from the same time span in 2014.

According to a press release of the bank, the surge was due to a significant increase in individual deposits portfolio that grew by 35% to more than 40 billion. The bank said also its total loan portfolio grew by 20.7%, reaching 63 billion drams. The growth was secured by a significant rise in loans provided to individual customers. At the end of the quarter they stood at about 29 billion drams, a growth of 53% year-on-year.

"The Bank closed the third quarter with a pretty good performance, registering growth both in deposits and loan portfolio," Astghik Martirosyan, a press officer for the bank, is quoted as saying in the press release.

According to her, the rise in time deposits was due to both an increase in the number of new customers and an increase in the deposits. She said these figures indicate that the bank's deposit products are in great demand thanks to dynamic and convenient terms.

"We are particularly pleased with a growth of private deposits, which indicate the growing confidence of customers in our bank," Martirosyan said.

Anelik Bank was founded in 1990. Now it is wholly owned by Lebanese Credit Bank SAL.

At the end of 2015 third quarter its assets were worth over 90 billion drams, a 3.4% year-on-year growth; its liabilities grew by 5.5% to 76.6 billion drams, while its total capital fell by 6.7% to 13.4 billion drams.  In the third quarter the bank suffered a net loss of about 1.2 billion drams against a loss of 480.9 million drams in the same period in 2014 ($ 1 - 472.74 drams).