Thursday, February 3 2011 13:50

Share of foreign capital in the authorized fund of Armenia's banking system grew from 67% to 74% for 2010


ArmInfo. The share of foreign capital in the aggregate authorized fund of Armenia's banking system for 2010 grew 19.7% (in absolute term) to 151 billion drams ($415.5 million) as of Jan 1 2011 or 74% (versus 74.2% as of Sep 30 and 67% as of Dec 31 2009). The growth of the indicator for Q4 2010 was 2.3%.

The authorized capital of the banking system was up 8% to203.8 billion drams or $560.8 million for the period under review (exclusive of quarterly changes).

Armenian Central Bank press-service told ArmInfo the summary total capital of the banking system was up 14.6% for 2010 and 4% for Q4 2010 to 319 billion drams ($877.6 million). In the structure of total capital, profit made up 82 billion drams or $225.5 million as of the above date. The growth for Q4 2010 totaled 13.1%. Main reserves grew 83.7% (without quarterly changes) and totaled 15.1 billion drams ($41.5 million) on Jan 1 2011.

As of Jan 1 2011, the banking sector of Armenian encompassed 21 operating commercial banks and 408 branches (versus 391 branches as of Jan 1 2010). To recall, Cascade Bank and Ameriabank were merged in June 2010.
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