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%.
