Friday, June 27 2014 18:51
In Jan-May 2014 ARARATBANK obtained record-breaking net profit
ArmInfo. In June-May 2014 ARARATBANK obtained record- breaking net profit - 1.8 bln AMD. Ashot Osipyan, Chairman of the Board of ARARATBANK OJSC, said at the annual meeting of the Bank's shareholders that the net profit exceeded the net profit of the previous two years.
"We are planning to increase the portfolio of the agrarian loans and open 5 more branches. The Bank also focuses on small loans, because in 2013 we diversified the lending in favor of SMEs, private entrepreneurship and retail lending", said Osipyan. Among other achievements in 2013, Osipyan pointed out the issue of AMD and USD 3-year corporate bonds, as well as attraction of 34.4 mln USD from international organizations. "At the moment there is an arrangement to attract $27 mln in 2014. In the near future, we are going to sign a 10 mln USD agreement with OFID and to attract 15 mln USD from FMO Dutch Development Bank", he said. "On the whole, the year 2013 was successful for ARARATBANK. The Executive Body of the Bank performed all its tasks. The Bank strengthened its positions in all segments of the banking market, having ensured a 4%-14% scope", he stressed.
To note, as of late 2013 ARARATBANK's assets amounted to 125.2 bln AMD (up 10.1% versus 2012). The total capital of the Bank grew by 19.3% to 19.6 bln AMD. The Bank's lending rose by 11.1% to 59.6 bln AMD. Total liabilities increased by 8.6% to 105.6 bln AMD, and net profit amounted to 3.083 bln AMD.
The majority shareholders of ARARATBANK are Flash, a major oil trader in Armenia (64.24%), EBRD (25%+1 share), and Rural Impulse Fund II (member of Incofin Investment Management - Incofin IM) with a 10% stake.