YEREVAN, October 22. /ARKA/. ACBA-CREDIT AGRICOLE BANK expects its full year profits to be between AMD 4.5 and 5 billion, an increase of 10%-15% over the last year, Nikolay Hovhannisyan, deputy executive director of the bank, told journalists on Tuesday.
“The bank’s nine-month profits have already reached AMD 3.5 billion exceeding the previous year’s indicator,” Hovhanisyan said.
In his words, the bank has managed to build up its profit by attracting new clients, solving the problem of troubled loans, expanding the branch network by adding six new branches to it this year.
Hovhannisyan also said that the bank’s outstanding loan portfolio amounted to AMD 160 billion in Jan-Sept 2013 and is expected to reach AMD 180 billion by the end of this year.
ACBA-CREDIT AGRICOLE BANK was established in 1995 as part of the European Union’s TACIS program. In 2006, CREDIT-AGRICOLE GROUP invested substantially into its capital becoming its largest shareholder. The bank was the biggest lender to farmers in Armenia in late June 2013.
The bank’s assets totalled AMD 263.9 billion in late September after growing 6.65% since the beginning of 2013, and its liabilities grew 6.32% since the beginning of this year to about AMD 211 billion in late September.
The capital of ACBA-CREDIT AGRICOLE BANK built up by 8.17% to AMD 52.8 billion, its outstanding loan portfolio grew 5.19% to AMD 167.5 billion and liabilities to clients reached AMD 112.4 billion by late September after growing 22.63% since the beginning of this year. ($1 – AMD 406.11). ––0—
