Monday, November 11 2013 18:42
In Q3 2013 growth in Armenian credit companies' total capital was small due to 18.2% decline in foreign capital
ArmInfo. In Q3 2013 the total capital of Armenia's credit companies grew by 1.9% to 73.8 bln AMD ($182.1 mln), which was by 24.6% more than in Q3 2012. The authorized fund in the total capital rose by 4.4% in Q3 2013 (by 28.1% versus Q3 2012) to 58.6 bln AMD ($144.7 mln).
By the data of the Central Bank of Armenia (CBA), in Q3 2013 the share of foreign capital in the authorized fund dropped by 18.2% to 13.2 bln AMD ($32.7 mln). The y-o-y decline was 17.5%. The main reserves increased by 1.9% to 1.8 bln AMD ($4.5 mln), and the y-o-y growth was 23.9%.
In Jan-Sept 2013 the net profit of Armenia's credit companies totaled 4.4 bln AMD ($11 mln), with the y-o- y growth being 13.6%. In Q3 2013 the accumulated profit was up 5.3% (up 27.8% versus Q3 2012) to 13 bln AMD ($32 mln) or 17.6% of the total capital (against 17% in Q2 2013 and 17.1% in Q3 2012).
By the CBA's data, as of 1 Oct 2013, there were 33 credit companies and 123 branches in Armenia (against 32 credit companies and 90 branches over the same period of 2012). In February 2013 Credo Finance UCO entered the market. As a result, there are 29 UCOs, 3 leasing companies and 1 credit union in Armenia. 4 of the UCOs specialize in mortgage lending: First Mortgage Company, Fides Mortgage Company, and the state-owned National Mortgage Company and Affordable Housing for Young Families. National Mortgage Company and Affordable Housing for Young Families, which are refinancing mortgage loans, retain leading positions by their loan books among the top 5 credit companies.
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