YEREVAN, June 17. /ARKA/. The annual meeting of shareholders of Yerevan-based Araratbank decided today not to pay dividends to shareholders for 2015. This decision was backed unanimously, the bank said today in a press release.

Araratbank deputy board chairman Davit Harutyunyan said last year the bank took a similar decision, deciding to channel the profits earned in 2904 into the reserve fund as retained earnings. He said 942 million drams earned by the bank last year as net profit will be used to replenish the bank’s capital to meet the new requirements of the Central Bank.

In 2014 December Armenia’s Central Bank raised the minimum amount of commercial banks’ total capital to 30 billion drams from the current 5 billion drams from January 1, 2017. According to a Central Bank, the measure is aimed at encouraging mergers and consolidation of banks, which is expected to create a sound competitive environment and make banking services more available.

Araratbank founded in 1991 is owned by Flash Company (64.25%), EBRD (25%) and RURAL IMPULSE FUND II SA SICAV SIF (10%). Araratbank joined NASDAQ OMX Armenia in 2009 January.

In the first quarter of 2016, the bank's assets stood at 130.6 billion drams (a decline of 1% since the beginning of the year; liabilities stood at 107.9 billion drams (a decline of 1.45%), total capital was worth 22.7 billion drams (up 1%) and profit for the first quarter was 176.7 million drams. ($1- 477. 86 drams). -0-