Wednesday, September 14 2011 18:05
ACBA-Credit Agricole Bank registers biggest ever assets in Armenia's banking system
ArmInfo. ACBA-Credit Agricole Bank has registered the biggest ever assets in Armenia's banking system – 200mln AMD, CEO of ACBA-Credit Agricole Bank Stepan Gishyan said during a press-conference on Wednesday.
He said that on June 31 2011 the assets already totaled 192.7bln AMD – the highest index in the country's banking system. The net profit was also the highest - over 3bln AMD (58.4% more than on June 31 2010).
"We are also leaders in lending. In the first half of this year our loan book grew by 30%. Almost 1/3 of our loans are given to agriculture, where we are a constant leader. In Jan-June 2011 the amount of agricultural loans grew by 30.4% to 53% of all agricultural loans in Armenia's banking system. This year our performance will be better than a year before," Gishyan said.
He said that the loan interest rates are declining due to high competition on the market. In 2011 they have dropped by an average of 2.2%.
According to ArmInfo's Ranking of Commercial Banks of Armenia, the annual growth in the bank's profit has allowed it to increase its capital by 13.8% as against Jan-June 2011, by 7% in Jan-June 2011 and by 4% in Q2 2011. On July 1 2011 ACBA-Credit Agircole Bank registered the biggest total and authorized capitals in Armenia's banking system – 42.1bln AMD (12% of the system's total capital) and 30bln AMD (13% of the total), respectively. In Jan-June 2011 the assets grew by 14.6% to 11% of the total assets of the banking system.
ACBA-Credit Agricole Bank has operated in Armenia since 1996. As of July 1 2011 its majority shareholders were Credit Agricole (16%), Sacam International (12.4%%), the Armavir Agricultural Cooperative Union (14.08%) and the Ararat Agricultural Cooperative Union (12.28%). Eight more regional agricultural cooperative unions had a 4-7% stake in the bank's capital.
Active consumer lending causes double-digit growth in bad loans 
Luys Foundation: Armenian government continues to face challenges in budget planning
Armenia`s brandy and winemaking industry in crisis - economist 
Even at embryonic stage, powerful impetus given to economic activity in energy sector - ENA acting manager 
Armenian NA OKs ENA nationalization 
China preparing to open new chapter of One Belt, One Road initiative with involvement of Armenia - diplomat 
The Merger between "Ardshinbank" CJSC and "Ardshininvestbank" CJSC Has Been Completed
Ticket packets 1.2% of total number of transport tickets in Yerevan