YEREVAN, May 25. /ARKA/. Armenia-based Unibank ojsc said today it plans to secure 5 billion drams in profit by 2020 to meet its Development Strategy targets designed for 2016-2020.

"In accordance with the Development Strategy for 2016-2020, we expect Unibank's share in the overall amount of deposits of the banking sector to grow to 9% by 2020; the share in retail businesses to 13%, and the share in SME lending to 9.5%. We also expect the number of our customers to increase to 430,000 and the amount of capital to 42 billion drams. These factors are expected to secure a profit of 5 billion drams by 2020,' the Bank says in a press release.

Unibank Board Chairman Vardan Atayan is quoted as saying that a general annual meeting of shareholders, scheduled to take place on June 1, will sum up the results of 2015 and unveil its new programs.

"Despite the fact that 2015 was not very successful in terms of economic growth, Unibank registered a year-end profit of 358 million drams having also improved its investment attractiveness by placing and making the listing of shares at the stock exchange," he says.

The press release says in the first quarter of 2016 Unibank registered positive financial results in all major businesses seeing a continued rise in profit.

Today Unibank's network of services includes 45 branches and 54 promo points. It also cooperates with 100 trade and service outlets to offer consumer loans.

The assets of the bank in the reporting period amounted to about 170 billion drams, liabilities – to 146 billion drams. The amount of deposits surged by 11.6% to 125 billion drams. In the first quarter of 2016 the Bank earned 212 million drams in profit. By size of paid taxes the bank is 41st in the list of 100 largest corporate taxpayers with 628.5 million drams.

Unibank is a member of the securities accounting system and has the status of depository account operator. It is also a member of the settlement system of the regulated market, providing services for management of joint-stock companies register and stock keeping.

Unibank was founded in October 2001. In 2002 it introduced Unistream system. Its only shareholder is Glover Holding LTD. ($1 – 477.78 drams). --0--