Bertolt Hertzfeldt: in the first three quarters of 2010 ProCredit Bank loan portfolio will have increased by 41%

PanARMENIAN.Net - ProCredit Bank in Armenia is expecting very good results for the first three quarters of 2010. Despite the still difficult economic environment in the aftermath of the global financial crisis, ProCredit Bank managed to follow a steady policy of offering high quality services to small and medium-sized enterprises and private individual living and working in the vicinity of its branches, ProCredit Bank Executive Director, Bertolt Hertzfeldt stated.

“In the first three quarters of 2010, the loan portfolio of the bank will have increased by 41% and its deposit base will have grown by 25%. With an adequate risk management policy the bank maintained a very good quality of its loan portfolio, and is expected to end the third quarter with a share of overdue loans over 30 days of only 2%,” he pointed out at news conference in Yerevan.

“ProCredit Bank, which started its operations in Armenia with the strong support of its shareholders, managed to complete the introduction of a range of essential services for its 11,000 clients during the last nine months including utility payments, fast money transfer and internet banking. With the help of the Austrian development Bank, the introduction of financing agrobusinesses in all branches of the bank will be finalized by the end of the year. This opens up new opportunities of finance for farmers who up to now had limited access to financial services in the respective regions,” Mr. Hertzfeldt concluded.