YEREVAN, March 28. /ARKA/. The loan portfolio of Russian-owned VTB Bank (Armenia) in 2011 surged by 41.8% to 122.7 billion drams, the Bank told ARKA today, citing the results of the audit conducted in compliance with requirements of the International Standards of Financial Reporting.
It said the amount of individuals’ savings deposits grew by 28.9% from 2010 to 47.1 billion drams, while corporate deposits grew to 32.5 billion drams. The bank’s assets in 2011 grew by 39.2% to 177.5 billion drams. One of the key factors behind this growth was the increase in lending to individuals, the Bank said. The profits from operations decreased by 5.4% from a year earlier to 10.9 billion drams, while the net profit amounted to 1.6 billion drams.
“The year of 2011 was another successful year for the development of VTB Bank (Armenia). We were able to not only achieve, but also surpass our ambitious goals in a number of indicators,” acting CEO of the Bank, Yuriy Gusev, was quoted as saying.
Gusev said that the bank worked actively in stepping up consumer and mortgage lending and credit cards. He said the Bank also worked closely with wholesale and retail businesses engaged in construction, as well as with the food industry.
According to the press release, in 2011, VTB Bank (Armenia) provided its services to approximately 286,400 individual and more than 5,300 corporate clients. Overall, the bank accounted at the end of 2011 for 9.6% of all loans and for 7.5% of savings deposits.
VTB Bank (Armenia) is owned fully by Russian VTB. It operates 68 branches across the country, more than any other bank: 24 branches in Yerevan and 44 branches outside it. In 2011 the number of its ATMs increased to 89, and that of POS-terminals to 780. -0-
Loan portfolio of VTB Bank (Armenia) increased by 41.8% last year to 122.7 billion drams
