Thursday, December 9 2010 12:03
Ameriabank to complete year 2010 with 3 billion drams net profit
ArmInfo. Ameriabank is expected to complete year 2010 with 3 billion drams net profit doubling last year's indicator, Ameriabank CJSC Development Director Tigran Jrbashyan told ArmInfo. He forecasts a higher net profit for 2011 - nearly 4 billion drams.
Ameriabank announced 2011 an infrastructure year, he said. The bank will be actively engaged in expansion of the branch network. In particular, at least 4-5 new branches will be opened. He said that the bank's branches provide a wide range of services in demand in the country's financial market.
As regards the latest indicators, he said, the bank's loan portfolio has already reached 90 billion drams. Starting with 2011 the bank plans to increase it at least 20%-30% per year. In the current year, T. Jrbashyan said, US$85 million were raised from international financial institutes as part credit programs for on-lending to the financial and renewable energy sectors.
Ranking of Armenian Commercial Banks prepared by the Agency of Rating Marketing Information (ArmInfo) says net profit of Ameriabank for 9 months of 201o totaled 2.1 billion drams (4th position in the banking system) with 95% annual growth. The bank provided 89 billion drams loans as of Oct 1 2010 taking the first position in the banking system. The loan portfolio grew over 2-fold versus 9 months of 2009 and 15% for Q3 2010. Nearly 50% of the bank's portfolio are industrial loans and trade finance. Ameriabank is involved in IFC, EBRD, FMO and DEG credit programs of finance to the trade, SME, renewable energy sectors. The bank is going to participate in the KfW mortgage program.
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