News

   ARMECONOMBANK OJSC summarized  the Financial Year of 2019 with significant achievements and considerable growth of main indicators, the picture of which is as follows: the Bank’s assets have increased  by 26.6% amounting to AMD 280.7 bn. against  AMD 221.6 bn. of the previous year, the Bank’s loans to customers grew by 31.8% and composing AMD 176.1 bn. against AMD 176.1 bn. of the previous year, liabilities to customers have increased by 18.3% composing AMD 113.4 compared with AMD 95.8 bn. of the previous year, the term deposits of individuals have increased by 14.7 amounting to AMD 59 bn. against AMD 51 bn. of the previous year. The total capital increased by 19,5%, mainly on the account of  capital injection and profit gained, and amounted to AMD 39.5 bn. against AMD 33.0 bn. of the previous year. In 2019, the profit increased by 60.1% composing AMD 3.3 bn. against AMD 2,1 bn. of the previous year. In 2019 and 2020 the Bank’s chartered capital was replenished with AMD 3,37 bn. and AMD 500 mln. respectively, and currently the Bank’s regulatory total capital amounts to approximately AMD 41.6 bn.

  It is notable to point out that despite the existing challenges, the loan portfolio continues to retain its traditionally high quality and currently the  non-performed loans compose only 0.65% of the loan portfolio. 

   Among the achievements recorded during 2019, it is notworthy that the Bank concluded a number of loan agreements in the amount of approximately USD 70.0 mln with EBRD, FMO, BSTDB and other  IFIs mainly directed to promote the development of SMEs in RA.

   With regard to the challenges of coronavirus pandemic, the Bank has carried out a number of projects to support the customers’ needs’ to fulfil their loan obligations  in recent months; particularly more than 65,000 physical entities have been granted with credit leave, loan repayment schedules of more than 1,000 legal entities have been adjusted as per their cash flows.

   The Bank actively participates in the Support Programs of the Government  and for the time being a loan portfolio for more than AMD 7.0 bn.  has been approved under low or zero (subsidized) interest rate.

   “In the current situation, we keep following our traditions of paying dividends and supporting various social programs. We will continue to conduct regular monitoring of the situation and take necessary measures to mitigate risks. We are gratitude to our partners, shareholders and customers for their continuous trust and support,” stated in the Bank’s message.

     As of 29 June 2020,  ARMECONOMBANK OJSC’s  total capital amounts to AMD 43.2 bn., regulatory capital makes approximately AMD 41.6 bn., total assets - AMD 289.6 bn., loan investments - AMD 191.4  bn., term deposits of individuals amount to nearly AMD 59.0  bn., the profit constitutes more that AMD 2.6 bn. The Bank has 53 branches (including Head office) in the Republic of Armenia and Artsakh.