ArmSwissBank’s credit portfolio expected to grow 45% to AMD 14 billion in 2010

YEREVAN, January 29. /ARKA/. ArmSwissbank’s credit portfolio is expected to grow 45% to AMD 14 billion in 2010, Gevorg Machanyan, executive director and chairman of the bank’s directorial board, said answering the question ARKA News Agency put up to him.  

He said that specific character of the bank implies no great credit portfolio, which mostly consists of business loans. 

Machanyan said that the bank is mainly focused on financing export-oriented enterprises. 

“A major part of ArmSwissbank’s credit portfolio also consists of crediting small hydro power plants, since the bank is a participant of German-Armenian Fund’s renewable energy financing program, and such programs will be continued in 2010,” he said. 

The bank is also enlarging funds for industry and transport sectors. 

ArmSwissbank’s credit investments reached AMD 9.7 billion by late December 2009 after growing 50.1% since the beginning of that year. 

The bank ha sent AMD 3.8 billion to industry sector and AMD 2.1 billion to trade over nine months of 2009. 

Its mortgage lending amounted to AMD 713.6 million, loans for catering sector AMD 589.2 million, agriculture 422.9 million, construction 207.4 million and transport and communication sector AMD 171.4 million. 

Consumer crediting totaled AMD 81.6 million.

Other sectors received 1.3 billion from the bank over three quarters of 2009. 

ArmSwissBank was registered on November 22, 2004 with 100% Swiss capital. 

The bank received its final banking activity license on February 25, 2005. 

The bank’s assets totaled AMD 29.8 billion by late December 2009 after growing 26.7% since the beginning of that year. 

Its authorized capital amounted to AMD 7 billion, after growing 40%, compared with the beginning of the year.

ArmSwissbank’s total capital amounted to AMD 8 billion – 45.8% growth. 

The bank’s profits have grown 96.9% over the period between January and September 2009, compared with the same period a year earlier, to AMD 561.7 million. 

Securities totaled AMD 12.9 billion in Jan-Sept 2009, showing 34.3% year-on-year growth. 

Return on equity was 9.27% and return on assets 1.99%. ($1 = AMD 377.45). --0--