Friday, January 17 2014 18:43
VTB Bank (Armenia) in the lead in lending
ArmInfo. VTB Bank (Armenia) is in the lead in lending. The Bank was in the lead throughout the year 2013. According to the Bank's financial statement, as of 1 Jan 2014 the Bank's lending amounted to 217.2 bln AMD, 38.2% more than a year before. In the meantime, the Bank increased investments in securities, receivables from the banks and other financial organizations. As a result, the assets of the Bank grew by 41.8% to 299.7 bln AMD in 2013.
The Bank's activeness in the lending market allowed increasing the revenues of its balance sheet by 36.7% to 38.3 bln AMD and this is the highest index in the banking system of Armenia. This gave an opportunity to the Bank to increase the net profit by 28% to 4.9 bln AMD in 2013. As a result, the accumulated profit amounted to 18.3 bln AMD (46.4% y-o-y growth, 3rd position).
In 2013 the total liabilities of VTB Bank (Armenia) grew by 44.9% to 262.2 bln AMD. In the structure of liabilities, the payables to the customers made up over 56%, or 147.9 bln AMD (39.7% y-o-y growth), and the payables to the banks and other financial organizations made up about 43%, or 111.9 bln AMD (54.1% y-o-y growth). As a result, the expenditures of the balance sheet rose by 39.4% to 32 bln AMD (1st position in the banking system).
In 2013 the interest revenues of the Bank rose by 48.9% to 34.1 bln AMD, while interest expenditures rose by 44.8% to 15.2 bln AMD. The Bank's administrative expenses were up 44% to 9.5 bln AMD, and the operating expenses grew by 55.6% to 2.8 bln AMD. The commission income grew by 4% to 2.6 bln AMD, while the commission expenses grew twofold to 647.4 mln AMD.
To note, as of 1 January 2014 the total capital of VTB Bank (Armenia) amounted to 37.5 bln AMD (23.8% y-o-y growth), whereas the authorized capital underwent no changes (13.8 bln AMD). VTB Bank (Armenia) joined VTB Group in Apr 2004 and is fully owned by VTB Bank, the second biggest bank in Russia. VTB Bank (Armenia) is one of the leaders of Armenia's banking sector. It is the irreplaceable leader by its branch network (67 branches all over the country).
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