Wednesday, August 11 2010 11:10

Armenian banks' provision of crediting to legal entities keep on growing more rapidly than crediting to individuals


ArmInfo. Over Jan-June 2010 provision of crediting to legal entities by the Armenian commercial banks and universal credit companies grew by 91,3% as compared with the same period of 2009, having totaled 239.4 bln AMD, or 62% of the summary volume of loans provided over Jan-June in the republic.

ACRA National Credit Bureau told ArmInfo that over Jan-June 2010 market players provided individuals with 147.1 bln AMD, with the annual growth being 79%.

In the summary portfolio of loans provided by the commercial banks and UCOs, which amounted to 386.5 bln AMD (86,4% annual growth) by late June 2010, both commercial banks and UCOs demonstrated considerable growth, particularly, provision of crediting by banks annually grew by 85,4% to 367.8 bln AMD, and that of the credit companies - over twice to 18.7 bln AMD. Moreover, if in the credit portfolio of the commercial banks the lion's share fell on loans provided to legal entities - 63,9% (235 bln AMD), in the credit portfolio of UCOs the lion's share fell on the loans provided to individuals - 76,5% (14.3 bln AMD).

In Jan-June 2010the commercial banks and credit companies provided individuals with by 36% more loans than in Jan-June 2009 - up to 390012 loans. In particular, commercial banks provided 357503 credits to individuals (34% annual growth), and credit companies - 32509 loans (58,3% annual growth). At the same time, in Jan-June 2010 legal entities were provided 6187 loans (34% annual growth), of them 5879 loans by banks (32% annual growth), and 308 loans by UCOs (over twofold annual growth).

As of 1 July 2010 the ACRA credit bureau had information about over 3 mln redeemed and 622 thsd current loans, as well as 954.5 thsd credit histories (of them 19.1 thsd being histories of legal entities, and 935.4 thsd - of individuals).

To note, as of 1 July 2010 there were 21 commercial banks and 28 credit companies in Armenia, including 24 UCOs, 3 - leasing companies and 1 credit union. ACRA Credit Reporting was set up in 2004 by Credential Inc. At present its shareholders are the Central Bank of Armenia (10% of shares), 17 commercial banks, First Mortgage Company, Dun & Bradstreet International LTD (USA), and other companies.
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