Tuesday, August 10 2010 15:00

Credit companies of Armenia increase their portfolios many times


ArmInfo. Volume of crediting by Armenia's credit companies in Jan-Jun 2010, as compared to the similar period of 2009, grew over twofold, and in June, as compared to May - by 25% to 18.7 bln drams.

As ACRA National Credit Bureau told ArmInfo, the major share of the total volume of extended credits fell on those to individual persons - 76,5% or 14.3 bln drams with over twofold annual growth. Moreover, volume of crediting by credit companies to legal persons over the first half year 2010 exceeded the indicator of the similar period of 2009 also more than twofold - to 4.4 bln drams.

In quantitative terms, credit companies also ensured considerable growth. So, credit companies extended 32817 credits over Jan-Jun 2010, with 58,6% annual growth. In particular, 32509 credits were issued to individual persons, and 308 credits - to legal persons.

There was an information available in ACRA Credit Bureau as of July 1, 2010, about more than 3 mln repaid and 622,000 current credits, as well as 954.5 thsd credit histories (19.1 thsd of which-histories of legal persons, and 935.4 thsd - those of individual persons).

To note, 28 credit companies were functioning in Armenia as of July 1, 2010, 3 of which are leasing companies, 24 - universal credit companies and 1 credit union.

To recall, ACRA Credit Reporting Bureau was created in 2004 by Credential Inc. Its shareholders currently include Central Bank of Armenia, with 10% shares, 17 commercial banks, the "First Mortgage Company", American Dun & Bradstreet International LTD and other companies. All 21 commercial banks of Armenia and the majority of credit companies use the company's services.
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