YEREVAN, November 2, /ARKA/. Retained earnings of Armenian credit organizations surged by 70.5% in January-September this year to 2.6 billion Drams, up from 1.5 billion Drams in the same time span of 2009, the Central Bank of Armenia said in its review of credit organizations activities in quarter three.
It said the interest yield of these organizations amounted to 8.8 billion Drams while interest expenses rose to 2.9 billion Drams. Non-interest yield totaled 2.6 billion Drams and non-interest expenses – 4 billion Drams. As a result they earned 5.9 billion Drams in net profits, an increase of 7.3% if compared to the same time span of 2009..
After transferring 4.5 billion Drams to the special reserve fund set up to compensate potential losses and getting back 3.1 billion Drams from it , their net transfers totaled 1.4 billion Drams, falling by 49% from a year before. There are now 32 crediting organizations in Armenia with 60 branches. ($1 – 357.98 Drams). -0-
