Monday, January 24 2011 16:47

ArmInfo. ACBA-Credit Agricole Bank, the biggest bank in terms of assets, raised total capital for 2010 by 4.2 billion drams or 12% to 39.4 billion drams. The bank has been traditionally increasing its capital out of profits, ArmInfo's analysts say.

The financial reports of the bank say that the share of accumulated profit in total capital was 43.4% or 17.1 billion drams and the share of the statutory capital (inclusive of issue profit) - 37.1% or 14.6 billion drams. The accumulated profit grew 32.6%, whereas the statutory capital was left unchanged versus 2009. The bank ensured 4.2 billion drams net profit for 2010.

General obligations of the bank grew 2.5% to 128.8 billion drams for 2010 as general customer liabilities grew 13.7% to 52.2 billion drams and liabilities to banks and other financial organizations fell 4.1% to 75.3 billion drams.

Assets of ACBA-Credit Agricole Bank grew 4.5% for 2010 to 168.2 billion drams as provision of credit and other placements grew 10.2% to 99.3 billion drams, calls to banks and other financial organizations - almost twofold to 27.5 billion drams, assets for sale (including government bonds) - almost twofold to 5.9 billion drams amid nearly twofold decline of cash and correspondent accounts with Central Bank to 19.5 billion drams.

ACBA Credit Agricole Bank is among top three banks in terms of the branch network. The bank serves 37 branches in all the regions of the country. The bank is specializing in agricultural finance. In particular, the bank's share in total agricultural loan portfolio of the commercial banks in Armenia is nearly 60%. The majority shareholders of the Bank and Credit Agricole S.A. with 16% and CJSC Sacam International - 12.44% (a member of Credit Agricole S.A.) and 10 regional agricultural cooperation unions with total share of 70.56%.