Credit portfolio of Byblos Bank Armenia grew by 50 per cent

PanARMENIAN.Net - The world financial and economic crisis has not had a tangible impact on bank's activities, said Hayk Stepanyan, head of the finance and administration department of the Armenian Byblos Bank. "Credit portfolio of the Byblos bank increased by 50 per cent over the first quarter of 2009, and since bank has operated within a year, the portfolio amounted AMD 8 million", he said.



According to Stepanyan, since the third quarter of 2008 the bank started crediting and despite the credit portfolio in not big yet, however a certain growth pace is observed.



Over the first quarter of this year bank's profit reached AMD 50 million. According to him, last year the bank finished at a loss, since certain changes of investors and reconstruction took place. "We project to complete this year with profit, although some losses are possible due to the ворлд financial and economic crisis," he said.



Byblos Bank Armenia has not faced irrevocability, since teh bank very carefully evaluates risks, said Mr. Stepanyan.



According to Hayk Stepanyan, this year the activities of the bank will be focused on retail credits. "Currently the bank provide loans in Armenian drams and U.S. dollars depending on clients' will and incomes", he said. The restriction relates to hypothec credits, provided only in U.S. dollars according to Armenian legislation and consumer credits provided exceptionally in drams," Mr. Stepanyan said.



On the whole, according to the head of the finance and administration department, Byblos Bank provides hypothec credits (for 15 years), consumer credits and individual credits.

The bank was established on the basis of "Menatep-Yerevan Bank" that began its activity in 1992 as the Yerevan branch of Russian "Menatep" bank. Since September 1994, it functioned as the affiliate bank of "Menatep-Yerevan". In October 1996, it was reorganized into a Closed Joint-Stock Company preserving its status of an affiliate bank.

License N72 of the Central Bank of the Republic of Armenia issued on 26 April 1996.

In 2000 the shares of the bank were acquired by foreign companies which later joined the Makarios Group Holding. The shareholders decided to rename the bank into "'ITB' International Trade Bank" CJSC.

From 29 August 2007 the only shareholder of Bank is "Byblos Bank" S.A.L., which purchased 100% of shares of "ITB" International Trade Bank". On December 5, 2007 the "ITB" International Trade Bank" was reregistered and renamed to "Byblos Bank Armenia".

From October 2006 the bank participates in the German KfW bank program "Stable Development of the Mortgage Market".

The bank is the member of SWIFT system, "ArCa" and Western Union payment systems, and "Privat Money" money transfer system.