Tuesday, January 21 2014 17:43
Areximbank-Gazprombank Group ready for a breakthrough on credit market
ArmInfo. Areximbank-Gazprombank Group is ready for a breakthrough on the credit market. For this purpose, in 2013 it borrowed substantial funds from international financial institutions.
In the obligations this money is in the form of corporate call deposits, in the assets it is in the form of a correspondent account at the Central Bank.
According to ArmInfo's analysts, the key reason why the money was transferred to a CB account was apparently dictated by the need to comply with the relevant standards. Furthermore, the bank had too little time for placing it on the credit market. So, in 2013 the bank's balance on the account grew by 12 times to 118.7bln AMD, while the customer liability grew by 4 times to 160.8bln AMD.
As a result, in 2013 the bank's total assets and obligations redoubled to 233.5bln AMD and 212.1bln AMD, respectively. The total capital grew by 27.4% to 21.4bln AMD due to a 33.2% increase in the authorized capital to 16.452bln AMD and a 9.5% increase in the accumulated profit to 4.6bln AMD. The net profit made up 475.9mln AMD.
In 2013 the bank's total incomes grew by 12% to 14.1bln AMD, the total expenses by 20.6% to 13.4bln AMD. As a result, the pretax profit made up 708.9mln AMD. The interest incomes grew by 12.4% to 83.7% of all incomes, the interest expenses by 11.3% to 51.5% of all expenses. The bank's administrative expenses grew by 20.5% to 4.7bln AMD, including 2.3bln AMD in wage costs. As of Jan 1 2014 the bank had 478 employees who received an average wage of 384,000 AMD or $948 (22.7% more than on Jan 1 2013).
The sole owner of Areximbank-Gazprombank Group is Gazprombank (Russia).
The state should establish strict rules for its relations with investors, rather than engaging in promiscuous partnerships with them - Artur Ashugyan
Fixing over-ambitious and unrealistic goals most dangerous - expert 
The sale of HSBC Bank Armenia to Ardshinbank to be completed on November 29, 2024
Armenian government approves 2024-2040 demographic strategy 
Armenia`s economy and state competing for sooner collapse - ex-official