Friday, May 17 2013 21:11

Armenian credit companies' assets up 35% due to considerable growth of funds on banks' nostro accounts


ArmInfo. In Q1 2013 the total assets of Armenia's credit companies were up 35% as compared to Q1 2012. The press service of the Central Bank of Armenia (CBA) told ArmInfo that in Q1 2013 alone the assets rose by 6.7% to 179.8 bln AMD.

The CBA says that in the structure of the credit companies' assets the funds on nostro accounts in the banks grew 24-fold in Q1 2013 versus Q1 2012 and 15-fold versus Q4 2012, having totaled 445.8 mln AMD. In the meantime, the credit companies' lending rose by 38% versus Q1 2012 and by 7.9% versus Q4 2012, having totaled 167.6 bln AMD by 1 April 2013.

Retail loans in the credit companies' loan book amounted to 84.2 bln AMD (33% growth versus Q1 2012, 8.2% growth versus Q4 2012), and corporate loans amounted to 25.2 bln AMD (35% growth versus Q1 2012 and 7% growth versus Q4 2012). Lending to related parties and employees totaled 3.563 bln AMD (3- fold growth versus Q1 2012, and 2% growth versus Q4 2012). Receivables from the banks and other financial organizations were up 38.6% versus Q1 2012 and up 0.5% versus Q4 2012, having totaled 45 bln AMD. Cash funds totaled 496 mln AMD (63.5% y-o-y growth, 58.8% quarterly growth). Leasing and factoring operations amounted to 9.5 bln AMD, having increased by 44.4% versus Q1 2012 and 11.8% versus Q4 2012.

The source says that as of 1 April 2013, there were 33 credit companies and 106 branches in Armenia (29 UCOs, 3 leasing companies, and 1 credit union). (As of March 31 2013, the exchange rate was 418.58 AMD/$1).
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