Araratbank’s credit portfolio grows by 33% in 2009 to 16.175 billon drams

YEREVAN, January 15. /ARKA/. The credit portfolio of Araratbank grew by 33% in 2009 to 16.175 billon Drams, its executive director, chairman of board, Ashot Osipyan, said at a news conference today.

He said the growth was secured by external sources of financing, including the European Bank for Reconstruction and Development (EBRD).

Araratbank, previously called Haykap Bank, was founded in 1991 and provides a full range of banking services to corporate, MSME and retail customers. The bank has established a reputation as a small but reliable and dynamically growing financial institution.

EBRD holds 25% in Araratbank. The rest is held by Barsegh Beglarian, head of the biggest petrol importing company Flash.

By the end of 2009 the bank’s assets stood at 41.3 billion Drams, liabilities at
33.5 billion Drams, its aggregate capital was 7.8 billion Drams, charter capital- 6.1 billion Drams, credit investments—16.2 billion Drams, customer liabilities– 25.7 billion Drams.

The bank earned 580 million Drams of net profits in 2009. Araratbank joined NASDAQ OMX Armenia January 30, 2009. It has 27 branches across the country. ($1- 377.61 Drams). -0-