ArmInfo."The success of the bank is continuous: due to the right strategy and its careful implementation, we have improvements almost in all positions. The most important achievement, of course, is the high level of profit. AMD 7 bln net profit ensured the first position by ROE in the system" said Chief Financial Officer Hayk Voskanyan.
In 2017 assets grew by 18% amounting AMD 278 bln. The growth of the loan portfolio and high liquidity assets was 8% and 30% respectively. Loan portfolio amounted AMD 173 bln, including:
- Retail loan portfolio amounted AMD 57 bln, increasing by 15.2% compared to 2016,
- Corporate loan portfolio amounted AMD 121 bln, increasing by 4% compared to 2016.
The ratio of liquid assets to total assets was 29%.
Liabilities increased by 19% over the beginning of the year, amounting AMD 230 bln. Customer deposits have increased by 28 percent; as a result, the share in total liabilities was 61%. By the end of 2017, customer deposits are AMD 141 bln, out of which 75% are from individuals.
"Efforts to increase effectiveness provides its continuous results. During 2017 cost/income ratio declined by 5.6 percentage points, reaching 34.2%.
Bank continues the active use of new technologies, which had its positive effect on various financial indicators. In 2017 we upgraded and improved credit scoring system and as a result our indicator of non-performing loans improved by 1.1 percentage points compared to previous year, the coverage ratio of non-performing loans increased to 62%.
We comply with all the prudential standards set by the Central Bank, ensuring also internal buffers. Equity of Inecobank by the end of 2017 totaled AMD 48 bln, which ensured 14.6% capital adequacy ratio, compared to 12% of the CBA requirement.
The Bank's indicators allow us to deal with all the unexpected developments in the market. "- added Hayk Voskanyan.
Net interest income, compared to year-end 2016, increased by 13.5% amounting AMD 15.7 bln. The amount of total operating income increased by 12.4%, reaching AMD 19.9 bln.
Impairment loss improved by 9.6% amounting AMD 4.1 bln. As a result, credit risk improved by 0.5 percentage points amounting 2.4%.