ARMECONOMBANK OJSC sums up the year of 2018 with significant achievements and considerable growth of key indicators ensuring the Bank’s consistent progress and the transition to the qualitatively new, more advanced stage.
Aram Khachatryan, the Chairman of the Executive Board of the Bank, presented the dynamics of the main indicators of the bank of the accounting year indicating that the Bank’s assets increased by 16% making AMD 221 bn. compared with AMD 190 bn. of the previous year, the loans to customers increased by 28% to make AMD 133 bn. in comparison with AMD 104 bn. of the previous year, the liabilities to customers grew by 4.5% and amounted to AMD 95.8 bn. compared with the AMD 91.7 bn. of the previous year and the term deposits of individuals increased by 20% amounting to AMD 51 bn. against AMD 42 bn. of the previous year. The total capital of the Bank grew by 13,7%, mainly on the account of the replenishment of the Chartered Capital and the formed profit (the latter increased by 34% and made AMD 2.1 bn. compared with AMD 1,5 bn. of the previous year) amounting to AMD 33 bn. against AMD 29 bn. of the previous year. It is notable to mention that the Bank replenished its Chartered Capital with AMD 3,37 bn., and currently the total regulatory capital makes approximately AMD 35 bn.
It should be noted that due to the professional specialists, as well as accurate assessment of possible risks, the Bank’s loan portfolio maintains the traditional high quality and the problematic loans make only 1% of the portfolio ( in the banking system the given ratio in average amounts to 4,5%).
Among the achievements of 2018, the launch of “Mobile Banking” system was marked out, which allows the customers to enjoy the banking services without visiting the Bank.
The cooperation with the international finance and credit structures during 2018 was touched upon as well, mainly great importance was attached to the provision of loans under “Women in Business” program within the framework of cooperation with EBRD, the successful process of which was carried out by the technical support of EBRD.
The Bank was the first to introduce advance insurance product in Armenian banking system, which, within the framework of ‘’Affordable housing to young families’’ state target program of ‘’National Mortgage Company’, made mortgage loans more affordable to the consumer due to the low prepayment to be paid.
Summarizing his speech, the Chairman of the Executive Board thanked the Bank’s customers, shareholders and partners for their continuous trust and support.
In his speech, Saribek Sukiasyan, Chairman of ARMECONOMBANK OJSC Board, talked about the payment of dividends and charity projects, which, along with the development, are always viewed as priority. He noted that the efficient and precise use of corporate governance, internal control and risk management systems has further contributed to the Bank’s normal course of business.
Mr. Sukiasyan assured that the Bank would proceed with implementation of the Bank’s strategic plan ensuring steady development and progress.
As of 13 June 2019, ARMECONOMBANK OJSC total capital amounts to AMD 37.8 bn., regulatory capital makes approximately AMD 34.9 bn., total assets make AMD 243.4 bn., loan investments – AMD 154.2 bn., term deposits of individuals amount to AMD 56.5, the profit – AMD 947 mln. The Bank has 53 branches (including Head Office) in the Republic of Armenia and in Artsakh.