ArmInfo.IDBank proceeds to zero accumulated fines for bad loans to individuals. As the press service of the Bank told ArmInfo, welcoming the latest changes in the legislation, attaching importance to an individual approach and trying to create a completely new partner environment, IDBank decided to zero in full the accumulated until May 31 this year fines on bad loans.
The bank will offer the client a new repayment schedule. This process will affect all types of loans and will last until December 31, 2018.
"The Bank has long been pursuing a policy of concessions, thus giving the debtors the opportunity to solve the problem of solvency within their capabilities and common sense.And taking into account the new direction of the Bank's development, we are open and ready to assist our clients in any situation," the IDBank. More detailed advice on this process to the client can be obtained by visiting any branch of the Bank or by calling the reference center at (010) 59-33-33.
According to the Financial Rating of Armenian Banks as of April 1, 2018, prepared by IC ArmInfo, the share of NPL in the IDBank loan portfolio is 6.08%. In the structure of the NPL Bank, the share of bad loans accounted for 45.8%, the absolute value of which in the annual section increased by several times. Of the total volume of bad loans of the bank on consumer loans, 26.5% are concentrated. The volume of overdue loans to the bank was reduced by 23.3% per annum, but at the same time, the overall loan portfolio significantly reduced the incidence of lending. IDBank (until May 31, 2018, referred to as Anelik Bank) operates in the Armenian market since October 1996. The shareholders of the Bank are: Cyprus company FISTOCO LTD with a stake of 59.68% and Lebanese Bank CreditBank S.A.L - 40.32%. Indirect majority shareholders are physical persons: Tarek J. Khalefe (CreditBank S.A.L) and Vardan Dilanyan (FISTOCO LTD). To recall, on July 2 this year the Prime Minister's meeting with bankers was held in the government of the Republic of Armenia with a view to the practical solution of the issue of concessions of fines and penalties on problem loans. On the same day, ACBA-Credit Agricole Bank and Ameriabank announced the abolition of fines and penalties for bad loans to individuals, and the following day IDBank joined this process.