Monday, May 2 2011 14:58
Armenian commercial banks increased lending by 7.6% to $2.7 billion for Q1 2011
ArmInfo. Armenian commercial banks increased lending by 4.4% in March 2011 to 1.015 trillion AMD ($2.7 bln) by 1 April 2011. In Q1 2011 provision of crediting of Armenian banks increased by 7.6%, and by 28.4% as compared with Q1 2010. Exclusive of extended and overdue loans, total provision of crediting grew by 4.7 in March to 971.4 billion drams or $2.6 billion.
The preliminary data of the Central Bank of Armenia provided to ArmInfo by the National Statistical Service of Armenia say that the share of loans in terms of the national currency (exclusive of extended and overdue loans) was 40.8% or 396.5 billion drams (up 4.1% for Jan-Mar 2011, and up 12.6% versus Jan- Mar 2010). Foreign exchange loans totaled 59.2% or 574.9 billion drams (up 11.3% for Jan-Mar 2011 and up 43.8% versus Jan-Mar 2010).
In the structure of loans provided by commercial banks as of April 1 2011 the share of extended loans was 4% or 40 billion drams (down 6.3% for Jan-Mar 2011 and up 16% versus Jan-Mar 2010). The share of overdue loans was 0.4% or 4.2 billion drams (up 3.9% for Jan-Mar 2011 and down 8% versus Jan-Mar 2010). In the structure of extended loans, the share of short-term loans was the largest – 56.7% or 22.7 billion drams. Almost all the overdue loans were short-term (99.6%).
The interest rates for the loans in terms of the national dram for March 2011 were reduced from 18.66% to 18.29%, whereas versus March 2010 the interests were down 0.8 percentage points.
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