Adverse impact of crisis on armenian credit market to continue in 2010

YEREVAN, February 11. /ARKA/. The financial crisis has affected the domestic lending market and also Bless Universal Credit Organization, Hayk Stepanyan, executive director of the credit organization, said in an interview with ARKA News Agency.

He thinks the adverse impact of the crisis will continue also in 2010.

“Business crediting has considerably dropped, but our worst forecasts didn’t come true.

In 2009, our company had to deny some loans, since we found them risky amid the financial crisis,” Stepanyan said.

Besides, the company planned to build up its credit portfolio by 70%, “but the crisis barred us from putting all our plans in reality, and we enlarged our credit portfolio only by 35% in 2009”.

Bless Universal Credit Organization was registered in May 2007.

The organization extends business and consumer loans.

According to ARKA News Agency’s information, the universal credit organization’s assets totaled AMD 2.6 billion by late December 2009 (the 8th position among Armenian credit organizations).

Its liabilities totaled AMD 2.2 billion (the 8th rank), capital amounted to AMD 373 million (15th position).

Bless, with its AMD 171.4 million, was the fifth largest profit-gainer among credit organizations.

Armenia had 27 credit organizations by late December 2009. ($1 = AMD 378.9). —0—

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