Saturday, February 5 2011 15:53

HSBC Bank Armenia marks its 15th birthday with all-time high profit


ArmInfo. In 2010 HSBC Bank Armenia showed record profit.

The bank's CEO Astrid Clifford said in an interview to ArmInfo that in 2010 the bank's profit before tax was AMD5.9Bn, which was a record for us in Armenia and also the highest amongst all local banks.

She said that this result was primarily driven by the growth in our loan portfolio. The commercial loan portfolio almost doubled, as the bank lent around $140 million in new money to local предпритим of all sizes.

"However, it wasn't just about profitability. We were recognized as the "Best Bank in Armenia" by Euromoney and "Best Bank for Foreign Exchange" by Global Finance, we launched our very popular Trade Academy, we started selling 6 different insurance products, and we increased our capital to support future growth," Clifford said.

She added that every year HSBC measures "employee engagement" in the 87 countries in which it operates and in 2010 HSBC Armenia had the highest result of all these 87 countries. "This means that we have the most motivated and committed staff in the world! I think this is clearly reflected in our excellent results," Clifford said.
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