Wednesday, October 16 2013 16:52

ProCredit Bank replenishes its share capital by 2,5 bln AMD thanks to emission of shares in the 3Q 2013


Arminfo. ProCredit Bank's share capital has been increased by AMD 2.5 billion.

As press-service of the bank reported, the newly issued shares were purchased by ProCredit Holding, the bank's majority shareholder. ProCredit Holding now holds 79.51% of the total share capital, while EBRD and KfW own 10.83% and 9.66%, respectively. Carried out in response to the strong growth in lending to small and medium-sized enterprises, this capital increase serves as a clear sign that the shareholders remain committed to supporting the continued growth of the bank. To note, ProCredit Armenia was established in 2008 as part of the international ProCredit group, which successfully operates in 22 countries worldwide. The ProCredit group of banks is led by its main shareholder, ProCredit Holding, with headquarters in Frankfurt am Main, Germany, and supported by ProCredit Bank in Germany. Both ProCredit Holding and ProCredit Bank are supervised by the German Financial Supervisory Authority (BaFin), which emphasises the reliability and stability of the ProCredit institutions worldwide. The bank's key specialization is crediting of small and medium-sized business.

According to the Ranking of Armenian banks prepared by Arminfo, as of 1 October 2013 the accumulated loss of ProCredit Bank amounted to 1.4 bln AMD, and the loss for the nine months 2013 - 52.4 mln AMD (by 79,4% better versus nine months of 2012). The bank ensured 103.6 mln AMD net profit for the 3Q 2013 versus 98.6 mln AMD loss for the 2Q. As of 1 October 2013, The assets of the bank amounted to 48.7 bln AMD, by 31,2% more versus 1 October 2012. More than 84% is the share of SME in the credit portfolio of the bank.
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