Friday, August 12 2011 22:49
HSBC Bank Armenia announces its financial results for the first half of 2011
ArmInfo. HSBC Bank Armenia announced its financial results for the first half of 2011. The bank recorded growth in almost all financial indicators. Pre-tax profit increased to AMD 3.5 billion, a 48% increase on the same period in 2010.
The press service of HSBC Bank Armenia reports that total assets at 30 June 2011 were up by 7 % compared to 31 December 2010, amounting to AMD155 billion. Gross customer loans increased by 6 % to AMD91 billion as at 30 June 2011, with the corporate loan portfolio being AMD69 billion. Customer deposits increased by 4 % to AMD109 billion as at 30 June 2011.
HSBC Bank Armenia is the largest taxpayer in Armenian banking sector according to the results of the first half of 2011, ranking 14th on the list of 1,000 biggest Armenian taxpayers.
New Product Launches And Major Events During First Half Of 2011
- Feb 2011: Introduction of Renminbi (Chinese Yuan) cross-border trade settlement services for corporate clients and Renminbi (Chinese Yuan) accounts. - Mar 2011: HSBC Bank Armenia 15th Anniversary Celebrations - Free Banking Day (16 March) and Customer event at Zvartnots Temple (25 May)
- Jun 2011: Launch of Unallocated gold metal account services.
- Jun 2011: An HSBC Bank Armenia customer was one of the 30 businesses from across Europe to participate in a "Trade Connections" event in Shanghai, aimed at providing a better understanding of the opportunities that exist with doing business with China. - Jun 2011: HSBC's presence in Armenia provides Armenian businesses with the unique opportunity to participate in the European Business Awards.
Three companies from Armenia (HSBC Bank Armenia customers) have been recognized as winners and awarded with a 'Ruban d'Honneur' prize under the category "The Chairman's Selection"
"We've had a strong first half and a number of initiatives are already in the pipeline for the rest of the year, which should enhance services for customers and contribute to a solid second half performance", said Astrid Clifford, Chief Executive Officer of HSBC Bank Armenia cjsc.
HSBC announced financial results for the first half of the year. Reported pre-tax profits increased by 3% to US$11.5 billion. The Group delivered targeted growth in a number of key markets and profits increased in Asia, Latin America, the Middle East and North America. Group Chief Executive Stuart Gulliver said: "I am pleased with these results, which mark a first step in the right direction on what will be a long journey."
HSBC Bank Armenia cjsc was the first international bank to open in Armenia in 1996. The bank is a joint venture between the HSBC Group, which has 70 percent ownership, and members of overseas Armenian businesses. The bank offers a wide range of products and services to individual as well as corporate customers, including personal financial services, commercial banking and treasury and capital markets services. Thanks to the HSBC network in 87 countries and territories, the bank is uniquely positioned to provide truly international services to its customers.
The Yerevan office opened with 18 staff and under 100 clients. HSBC Bank Armenia cjsc today has more than 33 thousand individual and five thousand corporate customers and employs 384 employees at eight branches and offices in Yerevan. The bank has one of the largest networks of more than 50 ATMs located throughout Yerevan. HSBC in Armenia has grown assets from five million US dollars in 1996 to just 405 million US dollars today.
HSBC Bank Armenia cjsc was named the "Best Bank in Armenia" for the third year in a Global Finance survey which listed "The World's Best Emerging Market Banks in Asia".
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