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–
