Wed, 30 July
32.1 C
Yerevan
USD: 383.94 RUB: 4.85 EUR: 450.25 GEL: 141.78 GBP: 516.63

Armeconombank’s 2009 net profit amounts to amd 240 million

YEREVAN, June 25. /ARKA/. Armeconombank’s net profit amounted to AMD 240 million in 2009, Hayk Mkrtchyan, deputy executive director of this Armenian bank, said Friday at an annual meeting of the bank’s shareholders.

He said that the bank’s profit before taxation amounted to AMD 418.9 million, and net profit 242,818 million in 2009.

“The bank’s profit was less than planned because of the global crisis – the bank had to reconsider its policy and redistributed assets to ensure high liquidity,” he said.

Armeconombank’s net profit amounted to AMD 517.8 million in 2008 against AMD 1.8 billion in 2007.
This decline was due to the bank’s cautious policy amid the global crisis.

Armeconombank OJSC was registered on August 26, 1991.

European Bank for Reconstruction and Development holds 25% of the bank’s shares plus one share, and 53.4% belong to Sukiasyans, a family of entrepreneurs.

ARKA News Agency’s analysis shows that the bank’s assets totaled AMD 46.7 billion and liabilities AMD 38.5 billion by late March.

Its total capital amounted to AMD 8.2 billion, authorized capital AMD 2.3 billion and credit portfolio AMD 26.9 billion.

Armeconombank’s liabilities to clients totaled AMD 22.8 billion and net losses for the first quarter AMD 436.9 million.

The bank has 34 branches in Armenia and one office in Nagorno-Karabakh Republic. ($1 = AMD 369.28).  –0–

spot_img

POPULAR

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Ranking of most profitable banks in Armenia based on results of first quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the first quarter of 2025.

Armenia’s economy to stabilize on 5.5% growth trajectory in 2025 – EDB forecast

According to EDB forecasts, Armenia's economy will stabilize on a 5.5% growth trajectory with domestic demand remaining the main driver of development.

Fitch expects inflation in Armenia to remain within the target level until 2027

International rating agency Fitch expects inflation in Armenia to remain within the target level until 2027, although soft fiscal policy and the projected moderate weakening of the dram create certain risks.

A scheme for stealing funds through fake investment platforms  exposed in Yerevan

A criminal group operating in one of the capital's business centers and stealing citizens' money through Internet calls has been exposed in Armenia, the Investigative Committee of Armenia reports.

LATEST NEWS

spot_imgspot_imgspot_img