Tue, 22 July
33.1 C
Yerevan
USD: 383.74 RUB: 4.93 EUR: 450.05 GEL: 141.25 GBP: 521.81

Conversebank’s loan portfolio grows 17% over 2014 to AMD 97 billion

YEREVAN, February 4. /ARKA/. ConverseBank’s loan portfolio grew 17% over 2014 to AMD 97 billion, ConverseBank CJSC Executive Director Tigran Davtyan told journalists on Wednesday.

«Although 2014 was a quite hard year for Armenia’s banking sector, especially the end of the year, the bank has managed to build up its loan portfolio,» he said.

Davtyan said that unlike other banks, ConverseBank has not lost depositors and even enjoyed growth in deposits.

He voiced regret at the obstacles the ongoing crisis creates for the bank’s intention to make its lending policy more aggressive and to invest more financial resources in the economy.

«Unfortunately, the crisis is not over, and 2015 will be a hard year for the banking sector and economy,» he said.

At the same time, the banker said that ConverseBank made its lending policy more conservative to lessen risks and also raised interest rates on loans extended in drams, taking into account volatility at forex market and increase in interests on dram deposits.

He also said that the bank work individually with each of its dollar borrowers, who faced difficulties because of fluctuations in foreign exchange rates.

«We are considering ways of changing repayment schedules and converting these dollar loans into drams,» Davtyan said.

Converse Bank registered in 1993 is owned by an Argentinean businessman of Armenian origin Eduardo Eurnekian (95 percent) and the Armenian Apostolic Church (5 percent).

The bank’s assets at the end of 2014 stood at about 150 billion drams; its liabilities – at 126 billion drams, its capital – at 23 billion drams. The bank earned 2.4 billion drams in net profit last year, the fivefold of its profit in 2013. $ 1 – 476.64 drams). -0–

spot_img

POPULAR

Armenia’s economy to stabilize on 5.5% growth trajectory in 2025 – EDB forecast

According to EDB forecasts, Armenia's economy will stabilize on a 5.5% growth trajectory with domestic demand remaining the main driver of development.

A scheme for stealing funds through fake investment platforms  exposed in Yerevan

A criminal group operating in one of the capital's business centers and stealing citizens' money through Internet calls has been exposed in Armenia, the Investigative Committee of Armenia reports.

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Armenian Market: Acceleration of Economic Activity is Positive for the Market

In the period from June 16 to June 30, 2025, the Armenian stock market demonstrated mixed dynamics.

Euro and dollar rise against Armenian dram, as Russian ruble falls slightly

The average market exchange rate of the US dollar against the Armenian dram as of July 14, 2025, increased by 0.23 points compared to July 11 and amounted to 384.14 drams.

LATEST NEWS

spot_imgspot_imgspot_img