Mon, 30 June
21.1 C
Yerevan
USD: 384.32 RUB: 4.89 EUR: 450.23 GEL: 141.11 GBP: 527.56

Artsakh bank increases its authorized capital by 4.5 billion drams

YEREVAN, March 4. / ARKA /. Artsakh Bank’s authorized capital has increased by 4.5 billion drams to 11 billion drams due to a new shareholder, which is Business Fund of Armenia, the bank said in a statement posted on its official website.

It said the increased capital will be used to implement priority development programs, such as improving customer services, stimulating universal banking services and more diversified lending through microfinance programs.

On February 10, Arthur Mkhitaryan was elected as new CEO and board chairman of Artsakh Bank.

The bank’s assets at the end of 2014 stood at 88.7 billion drams, a decline of 1.35% from the year before. Its liabilities grew by 1.57% to 77.5 billion drams; its capital slashed by 17.7 percent to 11.2 billion drams and its credit investments upped by 2.54% to 63.6 billion drams.

Last year the bank sustained a loss of 1.7 billion drams compared to 1 billion drams in profit in the previous year.
Artsakhbank was founded in 1996. It  is a founding member of the national payment system ArCa. -0-

spot_img

POPULAR

ADB lowers Armenia’s economic growth forecast for 2025 to 5%, 4.7% expected in 2026

The Asian Development Bank has lowered Armenia's economic growth forecast for 2025 to 5%, said Don Lambert, ADB Country Director for Armenia.

Armenia’s top 5 banks by asset size for Q3 2023

According to ARKA news agency's quarterly bulletin 'Banks of Armenia,' the top 5 commercial banks of Armenia by asset size as of 30.09.2023 were Ardshinbank, Ameriabank,  Armbusinessbank, Acba Bank and Inecobank

US dollar exchange rate unchanged, euro and ruble rise

The average market exchange rate of the U.S. dollar to the Armenian dram on March 7, 2025, remained at 394.58 drams, unchanged compared to March 6.

ADB forecasts inflation in Armenia at 3% in 2025 and 2.8% in 2026

The Asian Development Bank (ADB) forecasts inflation in Armenia at 3% in 2025, said Don Lambert, Director of the Bank’s Resident Mission in Armenia.

Byblos Bank Armenia becomes CaseKey strategic partner

Byblos Bank Armenia has become the strategic partner of the CaseKey Business Case Competition, emphasizing the importance of continuous investment in promising educational programs.

LATEST NEWS

spot_imgspot_imgspot_img