VTB Bank Armenia net income comprised AMD 2,9 billion in 2008

PanARMENIAN.Net - In 2008 VTB Bank Armenia net income comprised AMD 2,9 billion against AMD 0,8 billion in 2007, VTB Bank Armenia Director General Valeri Ovsyannikov told a news conference on Wednesday.



"Despite difficulties world economy faced in 2008, VTB  Bank Armenia had a significant income," VTB Bank Director General stated.





According to him, in 2008 bank's credit portfolio was increased by 73% to comprise AMD 70,8 billion, which is a result of major client inflow and implementation of new credit programs.





As per 2008 results, clients investment assets comprised AMD 27,4 billion, and time deposit volumes grew by 33%, compared to 2007, comprising AMD 14,5 billion.



Net operating income comprised AMD 9,1 billion in 2008, increasing 78%-79% compared with 2007 results, he said.



Up to June 20, 2006 VTB  Bank (Armenia) has operated under the name ``Savings Bank of the Republic of Armenia.`` Armsavingsbank was founded in 1923 with an aim to render banking services, particularly to attract savings and grant consumer loans. Since April 2004 one of the RF leading banks, Vneshtorgbank, became the shareholder of over 70% of Armsavingbank shares, thus Armsavingsbank became integrated into the network of Vneshtorgbank subsidiaries operating worldwide. In June 2006 Armsavingsbank was renamed to ``VTB  Bank (Armenia)`` CJSC.

In July 2007 VTB acquired 30% less one share from ``Mika Armenia Trading`` LTD company and became the sole shareholder of 100% shares of its subsidiary in Armenia, ``VTB  Bank (Armenia)`` CJSC.

Activity Program of ``VTB  Bank (Armenia)`` envisages further expansion of Armenia`s economy financing. In subsidiary bank development program it is intended to achieve 20% of corporate clients lending market, and 15% in the sphere of funds attraction from legal and physical persons. Beside, the Bank constantly renews the range of services offered to retail business customers and enlarges its activities in most diverse spheres of business, from small enterprise servicing to expansion of collaboration with major corporate clients.

 Bank has 78 branches, 984 employees.