YEREVAN, February 4. /ARKA/. ConverseBank earned AMD 2.4 billion in net profit in 2014 – five times more than it earned in 2013, ConverseBank CJSC Executive Director Tigran Davtyan told journalists on Wednesday.
In his words, the bank’s operating profit amounted to AMD 3.2 billion – 2.6 times more than in 2013.
Davtyan said that operating income (difference between earnings from operating activities and operating expenses) amounted to AMD 9.7 billion in 2014 showing a 30-percent year-on-year growth.
«The bank also managed to build up its net interest income and operational income, lowering operational and administrative expenses along with that,» he said.
ConverseBank increased also its net commission, forex operation and net operation noninterest income as well – its net operation noninterest income grew 45% to AMD 3.4 billion.
Davtyan said that in 2014 the bank pursued an aggressive conservative monetary policy, which proved to be quite effective and allowed it to get not large, but stable profits without running risks.
ConverseBank was registered on December 20, 1993. In February 2007, Eduardo Eurnekian, Argentine entrepreneur of Armenian descent, bought 95% of the bank’s shares. The remaining 5% belong to Armenian Apostolic Church.
The bank’s assets totaled AMD 150 billion and liabilities AMD 126 billion in 2014. Its loan portfolio amounted to AMD 97 billion and capital to AMD 23 billion. ($1 – AMD 476.64). –0–
