YEREVAN, June 11 /ARKA/. Araratbank will not pay dividends to its shareholders for 2018. This decision was unanimously adopted at the annual meeting of the bank’s shareholders today. Last year, the bank made a similar decision. Last time the bank paid dividends to its shareholders was in 2013.
Araratbank’s first deputy executive director, David Harutyunyan, said all the profits earned last year will replenish the bank’s capital.
The chairman of the bank’s board Ashot Osipyan said last year the bank earned a total of 2.2 billion drams in net profit, by 10% more than in 2017.
He also recalled that last year the bank raised $60 million in loans from international lending organizations. Osipyan noted also that the bank continues to develop in three directions, traditional commercial, investment and digital.
“I am very pleased to note that success has been registered in these three areas, innovations have been introduced,” said Osipyan.
By the end of 2018, the assets of Araratbank stood at 228.1 billion drams, by 5.8% from 2017, its liabilities were worth 191.3 billion drams (6% growth), its capital was worth 36.729 billion drams (4.9% growth). In 2018, the bank provided loans in the amount of 123.109 billion drams, a 4.3% rise year-on-year.
Araratbank was established in 1991. It is owned by Flash oil trader – 72.73%, EBRD – 18.33%, and RURAL IMPULSE FUND II SA SICAV SIF – 8.58%. ($ 1- 479.52 dram). –0–
