Monday, March 5 2012 17:04
In 2011 HSBC Bank Armenia ensured the highest profit throughout the history of its activity - 8.3 bln AMD
ArmInfo. In 2011 HSBC Bank Armenia ensured the highest pretax profit throughout the history of its activity - 8.3 bln AMD (40% growth versus 2010) and by this index the bank is in the lead in the banking system of Armenia, Chief Executive Officer of HSBC Bank Armenia Astrid Clifford said at today's press conference. She added that in 2011 a total of 1.1 bln AMD was provided for payment of dividends, and over 2.9 bln AMD - for payment of taxes (145% growth versus 2010). HSBC Bank Armenia retains its positions amid the high market competition, and the results of 2011 inspire hope for dynamic growth in 2012, Clifford said.
She pointed out that in 2011 the Bank's assets were up 23.5% to 179 bln AMD, the credit portfolio grew by 25.7% to 108 bln AMD. In the credit portfolio of the Bank, which was up 30% for 2011, 86.5 bln AMD were loans to legal entities (34% growth versus 2010). As of 31 Dec 2011, the deposit portfolio of the Bank amounted to 120 bln AMD (14.4% rise versus 2010). In the credit portfolio, lending to agriculture was tripled in 2011 (10th position by absolute value), lending to transport and communication grew 12 times (9th position by absolute value), lending to trade was up 26.3% (2nd position by absolute value), lending to industry was up 18.8% (6th position by absolute value).
For his part, Chief Financial Officer of HSBC Bank Armenia Gevorg Tarumyan said that the Bank will revise the interest rates of loans in 2012 depending on the market situation. "At the moment, some rates have already been revised. For instance, the rates of mortgage loans are currently fixed at 9-11%, and those of car loans - at 13-14%, which are by 2-3% lower than the loans rates in the Bank", he said. In 2012 the Bank will be conducting a diversified credit policy, though the high priority will be given to crediting of trade, he said. As regards expansion of the branch network, Tarumyan told ArmInfo that the Bank is going to launch 2 new branches in Yerevan in 2012 and to open branches in the regions in 2013.
To note, the stockholders of HSBC Bank Armenia CJSC are HSBC Europe B.V. (70%) and Wings Establishment (30%). The Bank serves more than 35 thsd individuals and nearly 5 thsd legal entities. The Bank has 9 branches in Yerevan and 50 ATMs.
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