Thursday, June 20 2013 19:17

In 2013 Araratbank to increase its loan book by 30%


ArmInfo. In 2013 Araratbank is going to increase its loan book by 30%, CEO of Araratbank Ashot Osipyan told ArmInfo.

He said that the Bank intends to ensure that growth due to SME lending and provision of agricultural loans, specifically, to small and medium farm enterprises. In 2013 the Bank is going to continue financing energy saving projects.

Osipyan pointed out that in 2012 the Bank's loan book grew by 39.8% mostly due to SME lending. In 2012 the Bank also launched leasing. "Our Bank gives high priority to the fact that small business should develop into medium-sized one and the medium-sized business - into large one", he said.

By Araratbank's data, in Q1 2013 the Bank's assets rose by 1.6% to 115.5 bln AMD, lending - by 7.1% to 57.5 bln AMD, time deposits - by 14.5% to 23.1 bln AMD. As of 1 April 2013, the total capital of the Bank amounted to 17.4 bln AMD, and total liabilities - 98.1 bln AMD. In Q1 2013 the Bank's net profit amounted to 729 mln AMD, SME lending - 26.9 bln AMD.

According to the Financial Rating of the Banks of Armenia prepared by the Agency of Rating Marketing Information (ArmInfo), in Q1 2013 Araratbank joined the top ten leading banks in terms of economy lending (44 bln AMD or 55% of the Bank's loan book). As of 1 April 2013, Araratbank's portfolio of agricultural loans amounted to 1.2 bln AMD (over 2% of the Bank's loan book). Over Q1 2013 the Bank increased its net profit by 51%.
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