ARARATBANK to raise credit portfolio almost 55% in 2010

He said the bank has 3 scenarios of development for 2010: conservative, normal and aggressive. "Only in 3 months it will be clear which of the scenarios the bank will develop on depending on the foreign environment, particularly, the crisis. Anyway, we are going to continue and promote growth rates in 2010," Osipyan said. He underlined that the bank is expecting a 40% growth rate of key figures in average and aggressive extension of the branch network.

Nevertheless, he said, the bank ensured 39.5% growth of assets for 2009 (to 41.3 billion drams). The share of the credit portfolio in assets was 39.1% - 16.2 billion drams. In general, the credit portfolio grew 33% for 2009 and liquidity reached 160%. Total capital of the bank in 2009 grew 4% to 7.8 billion drams, and liabilities grew 51,6% t0 33.5 billion drams. The bank ensured 580 million drams profit for 2009. The number of the bank's client for 2009 grew by 35.5 thousand people to 68.6 thousand people. "Flash" oil trader company holds a 74.1% stake in the bank and the blocking stake of 25%+1 share belong to the EBRD.