Monday, November 11 2013 19:05
Liabilities of Armenian credit companies up 4.7% in Q3 2013
ArmInfo. In Q3 2013 the total liabilities of the Armenian credit companies rose by 4.7% (by 24.8% as compared with Q3 2012) to 122.6 bln AMD ($302.5 mln) by 1 October 2013, the press service of the Central Bank of Armenia (CBA) reports.
The source says that in the structure of the credit companies' total liabilities, the payables to the banks and other financial organizations rose by 2.6% to 73.9 bln AMD ($182.3 mln) in Q3 2013 (up 28.7% as compared with Q3 2012). The time liabilities of individuals rose by 0.1% to 9.1 bln AMD ($22.3 mln, 32.6% y-o-y growth), and the time liabilities of legal entities grew by 5.6% to 31.7 bln AMD ($78.1 mln, 17.7% y-o-y growth). In Q3 2013 the call liabilities increased by 5.9% to 826.9 mln AMD ($2 mln, 24% y- o-y growth), and the pay interest rose by 31.3% to 2.3 bln AMD ($5.7 mln, 11.3% y-o-y growth). Other liabilities grew by 35.7% to 4.8 bln AMD ($11.9 mln) in Q3 2013 (up 11.8% versus Q3 2012). The payables to the banks and other financial organizations constitute 60% of the credit companies' liabilities, and the time liabilities of legal entities constitute almost 26%.
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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