ACBA-Credit Agricole Bank Planning to Finish 2015 with 3.8 bln AMD Profit

On May 5 Chairman of the Board of ACBA-Credit Agricole Bank Hakob Andreasyan has told ArmInfo 

journalist that ACBA-Credit Agricole Bank is planning to finish 2015 with 3.8 bln AMD profit. 

 

"In total, the bank is dissatisfied with the 2014 results and this year we are planning to repair our last year's losses. I am quite satisfied with the bank's current activities. We are implementing projects whose financial effect will be palpable in the coming years", said Andreasyan. 

 

According to him, the bank's major areas are agriculture credit granting and SMB. "We are expecting a gradual growth of indicators: credit portfolio up to 205 bln AMD - 40% for agricultural credits, 30% - SMB credits. The rest will be directed at customer loans", said the head of the bank.  

 

According to the Financial Rating of Armenian Banks by the Agency of Rating Marketing Information (ArmInfo), in Q1 2015 ACBA-Credit Agricole Bank held the fourth position in the Armenian banking system in terms of net profit (784 mln AMD, almost threefold growth versus Q1 2014). The Bank was also the fourth in terms of lending (interbank loans inclusive), which grew by 3.5% to 198.2 bln AMD. In the loan book of ACBA-Credit Agricole Bank, lending to economy sector exceeded 34% or 67.7 bln AMD, with the personal loans (including lending to farmers) being 63% or 124.3 bln AMD. The agricultural loans in the loan book of the Bank made up 35% or 73.6 bln AMD, with the share of SME loans being about 25% or 48.5 bln AMD. ACBA-Credit Agricole Bank's share in the aggregate SME lending was 8%. The Bank held the sixth position in terms of assets, which grew by 5.3% to 278.7 bln AMD. The Bank was also the sixth in terms of general obligations, which increased by 8.1% to 228.6 bln AMD. In Q1 2015, the Bank was in the lead in terms of total capital (49.9 bln AMD, down 5.8% versus Q1 2014). At the moment, the Bank has the second largest branch network (14 branches in Yerevan and 41 branches in all the provinces of Armenia).

 

"ACBA-CREDIT AGRICOLE BANK" CJSC has been operating in Armenia since 1995. Since September 2006, the majority shareholders of the Bank have been Credit Agricole S.A. (15.56%) and SJSC "Sacam 

International" (part of Credit Agricole S.A  - 12.44%). Along with them, 10 agricultural cooperative unions hold shares in the capital of ACBA- CREDIT AGRICOLE BANK.