YEREVAN, November 9. /ARKA/. The Russian-owned Bank VTB (Armenia) said its lending to individuals increased by 31.4% in January-September 2011 (or by 10.7 billion drams) to 44.5 billion drams.
The lending to corporate clients was said to have also increased by 31.5%. According to a press release, the bank’s net profit in January-September amounted to 3.888 billion drams, the third highest indicator in the banking system.
The bank said also its individual deposits grew to 79.092 billion drams, including 44.940 billion drams individual deposits, which grew by 23.1% from the beginning of the year.
The profits from main operations in the nine months reached 9.611 billion drams, having increased by 26.2% year-on-year. The return on equity (ROE) and return on assets (ROA) indicators were 17.6 % and 3.6% respectively.
“Individual deposit this year has grown by 23.1%, the absolute increase was 8.4 billion drams, which has again confirmed the leading position of Bank VTB (Armenia) by size of individual deposits,” the press release said.
The amount of term and demand deposits of corporate clients also increased by 50% as opposed to the first nine months of last year.
Bank VTB (Armenia) CEO, Valery Ovsyannikov, was quoted as saying that these achievements were due to active work to improve conditions and tariffs of credit products, such as auto loans, loans to small business, mortgage and consumer loans, debit cards.
“In 2011, Bank VTB (Armenia), as a universal bank, has continued its dynamic and aggressive policy to develop retail products, successfully increasing the loan and deposit portfolios and strengthening its leading market position,” Valery Ovsyanikov was quoted as saying.
According to the press release, the bank also actively worked on the optimization of business processes and introduction of high-tech services for individual customers.
Bank VTB (Armenia) is the only bank in Armenia, providing its customers with the opportunity to replenish their bank and card accounts through a network of about 400 payment terminals throughout the country around the clock.
Summarizing the results for the nine months in accordance with International Financial Reporting Standards (IFRS), the press release said that in terms of the total number of active local and international Visa plastic cards it has risen from third to second place in the Armenian banking system. On September 30 it had 122,000 active cards, by 52 percent more than at the beginning of the year.
In 2011 the bank opened new branches in Aparan, Byureghavan and Noyemberyan. On September 30 it had 68 branches operating throughout the territory of Armenia. The bank has introduced also a successful project for recourse factoring and is planning to introduce a non-recourse international factoring in 2012.
The bank’s documentary operations- guarantees and letters of credit- saw a 77% rise in the first nine months from a year earlier. Bank VTB (Armenia) is owned fully by Russian VTB Group ($ 1 – 382.89 AMD). –0–
