Tuesday, October 22 2013 18:46

ACBA-Credit Agricole Bank set to increase its loan book to 180 bln AMD by late 2013


ArmInfo. ACBA-Credit Agricole Bank is set to increase its loan book to 180 bln AMD by late 2013, Nikolay Hovhannisyan, Deputy CEO of the Bank, said at today's press conference when commenting on ArmInfo's question.

He recalled that as of 1 October 2013, the loan book of the Bank exceeded 160 bln AMD. The growth by late 2013 will be ensured mostly due to agriculture lending and to the support for development of micro, small and medium-sized enterprises.

"At the moment the Bank focuses on implementation of energy efficient projects. For this purpose, ACBA- Credit Agricole Bank has signed a loan agreement with the European Bank for Reconstruction and Development (EBRD)", said Hovhannisyan. In the meantime, he pointed out that the Bank is not going to cooperate with other international structures to attract resources.

He added that by late 2013 the Bank will launch 6 more branches.

To recall, the EBRD is providing ACBA with a US$ 9 million loan equivalent in local currency for on- lending to MSMEs, and a further US$ 3.5 million equivalent in local currency for energy efficiency loans.

The Financial Rating of the Banks of Armenia by the Agency of Rating Marketing Information (ArmInfo), as of 1 October 2013 the total capital of ACBA-Credit Agricole Bank amounted to 52.9 bln AMD (1st position), authorized capital - 30 bln AMD (1st position), total liabilities - 211.1 bln AMD (4th position), assets - 264 bln AMD (3rd position). The share of lending in assets made up 64%, and by the absolute value of this index the Bank is among the top three leaders. By its SME lending, ACBA-Credit Agricole Bank was in the lead (56.8 bln AMD, or almost 30% of total lending as of 30 June 2013). Over Jan-Sept 2013, the net profit of the Bank totaled 3.9 bln AMD.
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