Saturday, March 19 2011 13:40
HSBC Bank Armenia to keep rapidly increasing financial indicators
ArmInfo. HSBC Bank Armenia will keep rapidly increasing financial indicators. In particular, the bank is expected to raise its loan portfolio by 31% in 2011, Gevorg Tarumyan, HSBC Bank Armenia Financial Director, said in a press conference on occasion of the bank's 15th anniversary.
For her part HSBC Bank Armenia CEO Astrid Clifford said that the bank's credit exposures totaled 87.6 bln drams as of Jan 1 2011 and outstripped the indicator for 2009 (by 36%). In the structure of loan portfolio, the share of corporate loans was over 70% or 65 bln drams, the financial director said, and the share of personal loans was 21 bln drams. The bank is among top five banks in Armenia in terms of the corporate loan book growth rate, Tarumyan said.
In 2010 the bank was actively engaged also in the consumer loan segment and resumed provision of mortgage and auto loans in mid-2010. The bank has a lead position in the financial market of Armenia in terms of mortgage lending volumes. Its share in total mortgage market is 10% he said. The bank is the leader also in terms of deposits - 15%-18% of total market. The bank's deposits grew almost 4% to 107 bln drams as of Jan 1 2011. The bank is the leader in terms of foreign exchange operations as well. The share of overdue loans is falling. This indicator totaled 7% of total credit exposure in late 2010 whereas in late Jan 2011 it fell to 4%-5%.
The bank's investments since its foundation have exceeded 32 bln drams, including 24.7 bln drams investments in capital and the remaining were dividends paid by the bank.
By data of HSBC Bank Armenia as of Jan 1 2011 assets grew 7% to 145 bln drams. Total capital grew by 2.9 bln drams to 24.7 bln drams. Pretax profit grew over twofold to 5.9 bln drams. Summing up the results of HSBC Group's activity for 2010 HSBC Bank Armenia CEO said that for the first time over the last 5 years the banks of the group have ensured profits for the year in 2010. The pretax profit of the group grew over twofold in 2010 to $19 bln drams. General profit of the Group grew 36% to $18.4 bln. Credit exposure of the Group grew 8% to $1 trillion. Deposits grew 7% to $1.2 trillion. The Group paid $6.3 bln dividends in 2010.
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