YEREVAN, June 19. / ARKA /. Armeconombank (AEB) saw all its key financial indicators to grow in 2014, the bank said in a statement issued after Friday's annual meeting of shareholders.

According to the statement, AEB’s total assets last year surged by 23.9%; its credit portfolio grew by   27.9% and liabilities to clients – by 29.6%.

Time deposits are said to have increased by 22.3%, while demand deposits shot by 31.4%. AEB said also its total capital grew by 0.1% and net profit by 14%.

"The registered growth of 22.3% in  individual time deposits  as well as growth in  the bank's clientele by 7.8% to 133.400 are evidence of AEB’s steady position in the market and  its reputation of a reliable partner. They also indicate consistent growth of customer confidence in our bank," the statement says.

AEB said last year was marked by important achievements and positive qualitative changes, as well as by deepening cooperation with international financial institutions. In particular, Armeconombank was recognized as the best partner bank in Armenia by the Asian Development Bank (ADB) in the framework of its trade finance program.

Last year the bank unveiled a set of new products, like micro credits for purchase of housing, loans for energy-efficient home renovation. It also introduced accumulative deposits and issued VISA probono charity cards (50% of the annual service fee of charity and 0.3% of each non-cash transaction are sent to charity).

Following the annual meeting Armeconombank Board re-elected Saribek Sukiasyan as Board Chairman, the statement said.

Armeconombank registered in 1991 is owned by EBRD (20%), Saribek Sukiasyan (22.6%), Khachatur Sukiasyan (19.5%) and Robert Sukiasyan (15.3 %.)

In late 2014 its assets were worth 91.9 billion drams, its liabilities stood at 80.8 billion drams, the capital – at 11.1 billion drams and credit investments – at 52 billion drams. The bank earned also 886 million drams in net profit. ($ 1 - 473.42 drams). -0-