Wednesday, December 28 2016 18:28

ArmInfo. Byblos Bank Armenia has met Central Bank's minimum capital requirement in advance due to investments of parent company "Byblos Bank" SAL. As a result of $5.2 mln replenishment made in December normative total capital of the bank exceeded 30 bln drams, the new minimum capital requirement to come into force from January 1 2017. 

The press service of the Bank has told ArmInfo that the capital was replenished gradually in June, September and December. Particularly, June replenishment was made via a close issue of common shares amounting to 15.7 bln drams, which were fully purchased by parent company Lebanese "Byblos Bank" SAL. Later, in September and December, the parent company has replenished the capital of its subsidiary via a subordinated loan amounting to $15.7 mln. Particularly, $10.5 mln were invested in the capital in September and remaining $5.2 mln in December.

According to the Financial Ranking of Armenian Banks prepared by ArmInfo, total capital of Byblos Bank Armenia totaled 21.9 bln drams by October 1, 2016, assets-59.8 bln drams, net credit exposures-19.7 bln drams (50% of which were invested in economy), obligations -37.9 bln drams. Accumulated loss of the bank totaled 2.9 bln drams by October 2016, the loss was reduced from 1.3 bln drams to 4.6 mln drams in y-o-y terms within 9 months of the year and in Q3 alone the bank managed to ensure net profit amounting to 187.3 mln drams.

To note, "Byblos Bank" SAL is present in 12 countries of the world.  Byblos Bank Armenia has been operating on the Armenian market since October 1996. Branch network of the bank is not large-it has only 2 branches in Yerevan. The bank's initial shareholders were- Byblos Bank SAL-65%, OPEC-25% and KfW-10%, however since June 2016 Byblos Bank Sal became the sole owner of Byblos Bank Armenia.