Wednesday, April 16 2014 16:58
According to the results of the 1Q 2014, Ardshininvestbank goes on demonstrating stable growth
Arminfo. Ardshininvestbank of Armenia on Tuesday published its quarterly financial results continuing to demonstrate a sustainable growth.
The comparative dynamics of the main financial indicators for Q1 2014 compared to the year end of 2013 is as follows:
As of Q1 2014, the net profit of the Ardshininvestbank amounted to AMD 1.5 billion outperforming the result of the comparable period of the last year by 1.5 times.
In Q1 2014, the Bank’s assets grew by 3% to 277.5 bln AMD, including a loan portfolio of 171.7 bln AMD (62%). Loans to individuals totaled 56.4 bln AMD (8.3% growth for Q1 2014). Customer funds amounted to 182.1 bln AMD (14.4% growth). The total capital of the Bank amounted to 44.7 bln AMD (1.2% growth).
In Q1 2014, Citi (the "Co-ordinator", "Bookrunner" and "Initial Mandated Lead Arranger") successfully closed and signed a US$18 million syndicated term loan facility (the "Facility") for Ardshininvestbank CJSC in Armenia. The press service of Ardshininvestbank CJSC has told ArmInfo that Bank ZENIT (Open Joint Stock Company), Federated Investors, London Forfaiting Company Ltd and VTB Bank (Deutscheland) AG, were Joint Lead Arrangers. Atlantic Forfaitierungs AG and OJSC Promsvyazbank also joined the facility as Lenders. The transaction represents the first syndicated deal for an Armenian financial institution in the bank loan market without multilateral agency support. Ardshininvestbank's debut syndicated facility closed oversubscribed attracting significant interest from both regional and international banks. The proceeds of the transaction will be used to support the borrower's trade related needs. The unsecured Facility will have a tenor of one-year, with a bullet repayment on maturity.
During Q1 2014 the number of permanently active customers increased by more than 2,000 customer totaling to around 22,3000 customers.
Ardshininvestbank has 49 branches in Armenia, 6 branches in Nagorno-Karabakh, and one representation in Paris.
According to the Financial Rating of Armenian Banks prepared by ArmInfo, in 2013 Ardshininvestbank's assets grew by 36.5% to 270.9 bln AMD. The Bank's loan book was up 31% to 176.1 bln AMD. The total liabilities were up 39.3% to 226.7 bln AMD. At the yearend of 2013, the Bank's net profit amounted to 6.5 bln AMD (up 53.6% versus 2012).
To note, founded in 2002, Ardshininvestbank is the third largest bank of the Armenian banking system by assets (US$668mm) as at Q4 2013. Ardshininvestbank serves its customers (c.220k) through its 1,081 employees, 55 branches (second largest branch network) and 92 ATMs as at Q4 2013. The borrower is primarily engaged in corporate and SME banking with a 69% share of total net loan portfolio as of Q4 2013. Ardshininvestbank is 97.23% owned by Center of Business Investments LLC and 2.77% by management. The Borrower holds market shares of 9.2%, 9.6% and 9.4% in banking sector's assets, loans and deposits respectively as at Q4 2013.
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