Saturday, October 30 2010 21:21
Armenia banks increase industrial sector financing to level of trade finance
ArmInfo. The share of industrial sector and trade financing in the aggregate loan portfolio of Armenian commercial banks as of Oct 1 2010 was quite significant and almost equal - by 20.2% or 173.8 billion and 174.1 billion drams (nearly $482 million), respectively. The quarterly growth of industrial sector financing (14.3%) significantly exceeded the growth rates of trade finance (5.7%), the Armenian Central Bank told ArmInfo.
Aggregate loan portfolio of commercial banks grew 7.5% for Q3 2010 to 860.7 billion drams ($2.4 billion) or 60.75 of total assets. Consumer lending was on the third position in terms of 3.5% growth for Q3 2010 to 148.9 billion drams ($412 million). Mortgage lending grew 2.1% to 85.2 billion drams ($235.8 million) and took the 4th position. Construction sector financing was on the 5th position with 65.3 billion drams ($180.7 million) and 11.1% growth for Q3 2010.
Financial sector lending grew 22.1% and totaled 55.1 billion drams ($152.5 million) taking the 6th position. Agricultural loans grew 2.7% to 49.9 billion drams (7th position) and transport and communication sector financing grew 17.3% to 26 billion drams ($72.1 million) - 8th positioin. As of Oct 1 2010 the banking sector of Armenian encompassed 21 banks and 400 branches (versus 393 branches as of July 1).
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