Wednesday, November 13 2013 14:50
Armenia's credit companies register 12.8% annual growth in net profit
ArmInfo. In Jan-Sept 2013 as compared with Jan-Sept 2012 the total income of Armenia's credit companies grew by 34.7% to 31.5bln AMD, while the total expenses grew by 27.9% to 26.2bln AMD. As a result, the balance-sheet and net profits made up 5.3bln AMD and 4.4bln AMD, respectively (11% and 12.8% respective growths as compared with Jan-Sept 2012).
According to the Central Bank of Armenia, 59.7% of the total income or 18.8bln AMD was interest income (25.1% more than in Jan-Sept 2012), 16.2% or 5.1bln AMD was non-interest income (13% growth).
27.1% of the total expenses or 7.1bln AMD were interest expenses (32.5% more than in Jan-Sept 2012), with 36.3% or 9.5bln AMD being non- interest expenses (25.7% growth).
As of Oct 1 2013 there were 33 credit companies with 123 branches in Armenia against 32 companies with 90 branches on Oct 1 2012. 29 of the companies are universal credit companies, 3 are leasing companies, 1 is a credit union. 4 of the universal credit companies specialize in mortgage lending (the First Mortgage Company, Fides, the National Mortgage Company and the Affordable Housing for Young Families).