YEREVAN, March 18. /ARKA/. HSBC Bank Armenia plans considerable growth in its indicators for 2011, HSBC Bank Armenia CEO Astrid Clifford said Friday at a news conference.
Gevorg Tarumyan, the bank’s chief financial officer, who spoke at the same news conference, said that the bank’s assets, liabilities, profits and lending are expected to grow this year.
He said that the bank’s loan portfolio is expected to grow 31%.
In his words, the bank had intensified individual car lending and resumed extending mortgage loans.
Tarumyan said the bank has no problems with resources and capital for lending.
He said that overdue loans made up 7% of the bank’s loan portfolio in late December 2010, while in February 2011 the share of overdue loans in the loan portfolio shrank a great deal.
HSBC Bank Armenia, subsidiary of HSBC Bank Plc, was opened in Armenia in 1996.
HSBC Group holds 70% of HSBC Bank Armenia shares. The remaining 30% belong to Armenians living abroad. The bank provides a wide range of services to legal entities and individuals. It has eight branches and more than 50 ATMs.
In late January 2009, HSBC Bank Armenia became a member of
NASDAQ OMX Armenia Stock Exchange.
HSBC Bank Armenia CJSC’s profit before taxation grew more than two times over 2010 reaching AMD 5.9 billion by late December.
HSBC Bank Armenia also built up its assets by 7% to AMD 145 billion and enlarged its loan portfolio by 36% to 86 billion.
The bank’s total capital grew by AMD 2.9 billion to AMD 24.7 billion. ($1 = AMD 369.62).-0-
