Friday, March 2 2018 13:49

ArmInfo. "INECOBANK" CJSC became a  member of the securities settlement system of the Central Depository  of Armenia (CDA). As reported to ArmInfo in the press service of  NasdaqOMX Armenia, this took place on February 28. Thus, the Bank has  been assigned the status of a depository system account operator.

From now on, the services of the Central Depository of Armenia will  be available to INECOBANK clients, in particular, in keeping the  securities register and depositary activities.

Now with the account of INECOBANK, the accounting system of the  regulated market has 19 members.  Prior to this, since May 2014, the  Bank has joined the ranks of 17 current account operators.

Since March 2013, the CDA has moved to a new model of the depository  system, which provides for maintaining a register of securities and  providing depository services to customers through account operators,  which are investment companies and banks that have entered into  agreements with the Central Depository of Armenia.

INECOBANK has been operating in the Armenian market since October  1996. In December 2016, ProCredit Bank merged with INECOBANK, and  within this process an institutional investor in the person of EBRD  was involved in the capital. Taking into account this, the share  participation of the majority shareholders of INECOBANK now looks as  follows: Baloyan Avetis - 30.01%, Safaryan Karen - 25.93%, EBRD -  22.7%, member of the banking group KfW - Deutsche Investitions-und  Entwicklunsgesellschaft mbH (DEG) - 5.75%, International Finance  Corporation (IFC) - 4.26%. The Bank's branch network has 23  subdivisions, out of which 15 are located in Yerevan and 8 in the  regions of Armenia.

According to the Financial Rating of Armenian Banks prepared by IC  ArmInfo, Inecobank is in TOP-5 by main financial indicators:  occupying the 4th position on total capital, assets and liabilities -  5th, for investments in securities - 3rd, credit investments 5th. The  total capital of the Bank as of January 1, 2018 was 48.2 billion AMD,  the regulatory total capital - 39.7 billion AMD, assets - 277.8  billion drams. The Bank's capital adequacy ratio at that date was  14.55% (with the required 12% min), the total liquidity ratio was  31.52% (with the required 15% min), the current liquidity ratio was  180.62% (at the required min 60% ). Confident progress of INECOBANK  to the leaders was also observed in efficiency coefficients: return  on equity and profitability of assets: ROE = 17.00% (1st position),  ROA = 2.88% (2nd position). 2017 the Bank completed with a net profit  of 7.02 billion drams, having advanced on this indicator from the 3rd  to the 2nd position. (The calculated exchange rate of AMD as of  December 31, 2017 was 484.10 AMD / $ 1).