Ameriabank posts AMD 2.9 billion net profit growth in 1st halfyear of 2014

Ameriabank posts AMD 2.9 billion net profit growth in 1st halfyear of 2014

PanARMENIAN.Net - Ameriabank’s net profit in the first six months of 2014 increased by 3% to AMD 2.9 billion, the banks’ financial director told a July 22 news conference, ARKA reported.

"At first glance this figure looks modest, but not when we compare it with a 13.6 percent combined drop posted by the country’s banking system," Gevorg Tarumyan said.

According to him, all indicators of Ameriabank’s growth rate significantly outperform those of the banking system as a whole.

He said Ameriabank’s assets in the first half of 2014 increased by 9% to AMD 343 billion, while the overall banking system saw a 0.7 percent decline. Also, the bank's total commitment in the first half rose by almost 10% to AMD 303 billion, while the banking system reported a 2 percent drop.

"In terms of assets size and liabilities, Ameriabank is the leading bank in Armenia," he said. According to him, the bank’s credit portfolio increased by about 9% to AMD 192 billion, placing it second among all 21 local commercial banks by the size of loan portfolio.

"We are particularly pleased by a 15 percent rise in lending to small and medium-sized businesses, which is our target segment,” Tarumyan said.

As of June 30, the bank’s SME loan portfolio stood at 38 billion drams, he explained. He also mentioned a 30 percent surge in liabilities which rose to AMD 221 billion.

"This is a very important indicator as it reflects the trust of our clients," Tarumyan said.

In particular, term deposits of individual customers amounted to AMD 75 billion, an increase of 11 percent in six months, and an increase of 33 percent against the same period in 2013, he said.

Ameriabank CJSC is a universal bank offering corporate, investment and retail banking services in a comprehensive package of banking solutions.

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