ACBA-Credit Agricole Bank starts to zero accumulated fines, penalties  for bad agroloans and consumer loans

ArmInfo.ACBA-Credit Agricole Bank announces its customers- individuals about their readiness to start from August 1 to zero accumulated fines and penalties for the bad  loans recognized on May 31, 2018 and consumer loans and agroloans.

As the press service of the Bank explained to ArmInfo, for this  borrowers on such loans should visit the branch of ACBA-Credit  Agricole Bank serving them, with a view to concluding a peace  agreement or a re- credit agreement, on the basis of which the bank  will cede previously accumulated fines and penalties, and the  borrower agrees pay the principal amount of the loan in the manner  and terms specified in the new contract. The re-crediting agreements  will be concluded for up to 4 years.

According to the Financial Rating of Armenian Banks as of April 1,  2018, prepared by IC ArmInfo, ACBA-Credit Agricole Bank acts as a  permanent leader in agricultural credit, covering 48.4% of the total  volume of the market. The portfolio of agrocredits of the Bank was as  of this date 80.7 billion AMD or $ 168 million, with annual growth of  2%. In the total loan portfolio of the Bank, agricultural loans  account for 34.4%. According to the consumer loans, ACBA-Credit  Agricole Bank is included in the TOP-5 with a volume of 61.5 billion  drams or $ 128.1 million, with an annual growth of 9.8%. In the total  volume of consumer loans for the market, the Bank accounts for 10%,  and in the total loan portfolio of the bank, the share of consumer  loans is 26.3%. In the agro-loan portfolio of the bank, the share of  bad loans reaches 11.3%, while in the portfolio of the bank's  portfolio loans, 8.6% fall, compared to 17.7% and 8.6%, respectively,  a year earlier. The bank managed to significantly reduce the volume  of bad loans and significantly slow the growth in the volume of bad  consumer loans. ACBA-Credit Agricole Bank is included in the TOP-5 in  terms of net profit - 2.2 billion AMD for the first quarter of 2018,  with an annual growth of 46.4%, and only in the first quarter - a  growth of 2 times.

"ACBA-Credit Agricole Bank" CJSC has been operating in Armenia since  1995. The majority shareholders of the bank are: the largest European  banking group Credit Agricole S.A. with a 15.56% interest in the  capital, after which SJSC "Sacam International" (a member of Credit  Agricole S.A) - 12.44% followed by the size of participation, "ACBA  Federation" CJSC - 71%.