Monday, January 23 2012 18:37

In 2011 Armenian Development Bank demonstrated 2.5-fold growth in time deposits of individuals


ArmInfo. In 2011 the Armenian Development Bank demonstrated 2.5-fold growth in the time deposits of individuals to 15.5 bln AMD. The press service of the Bank told ArmInfo that the number of the depositors grew 2.3 times in 2011. As of 1 Jan 2012, the total portfolio of time deposits (of legal entities and individuals) amounted to 18.1 bln AMD (2.7-fold y-o-y growth).

Thanks to this, the total liabilities of the bank grew by 84.4% to 28.3 bln AMD. In their structure the liabilities before the customers (time and call liabilities) increased more than twice or by 11.7 bln AMD to 21.8 bln AMD in 2011. This is the result of expansion of the branch network, business activity, competitive terms for time deposits and call liabilities.

According to the source, in 2011 the bank opened three new branches in Karabakh, Vanadzor and Gyumri. Today the bank has a total of 5 branches, two of them in Yerevan.

As of 1 Jan 2012, the total assets of the Bank amounted to 36.1 bln AMD (60.4% y-o-y growth) mostly due to the growth of credit portfolio, which made up 24.4 bln AMD or 67.6% of the assets. The total capital made up 7.8 bln AMD, and the authorized capital - 4.5 bln AMD. In 2011 the Bank demonstrated 759.1 mln AMD net profit; over Q4 2011 alone the net profit of the Bank totaled 329 mln AMD (5-fold y-o-y growth).
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