Armeconombank envisages increasing its indices by 10-15%

PanARMENIAN.Net - Vice Chairman of Armeconombank Board Hayk Mkrtchyan said that the bank’s income totaled about AMD 243mln in 2009, what is a good index, taking into consideration the global financial recession.

“The crisis has affected the Bank’s growth rates. However, the bank envisages increasing its indices by 10-15% this year,” Mkrtchyan told an annual meeting of the bank’s shareholders.

Referring to the bank’s achievements, Mkrtchyan pointed to the opening of the second branch in Gyumri. He added that the bank is going to expand its branches net in those regions, where the bank is not represented. Besides, the bank has become the leader in Armenia’s market of plastic cards.

According to Mkrtchyan, a new inflow is observed at the mortgage market, though a significant drop in interest rates was not recorded and currently Armeconombank provides loans at 12-16% annual interest rate. But loans under Affordable Housing to Young Families program are provided at 8.5% annual interest.

For her part, Armeconombank Board member Anahit Simonyan noted that AMD 163mln out of the annual profit will be directed for the payment of dividends to shareholders that totals 7% profitability per year or AMD 175/1 share. She added that the nominal value of the bank’s shares totals AMD 2500/1 share, while the book and market costs amounted to AMD 9320 and 7230 respectively in 2009.