Mortgage lending breaks record. portfolio loans of Armenian banks surge by 14.4 percent in July

YEREVAN, August 23. /ARKA/. The loan portfolios of Armenian commercial banks grew by 14.4% in 2019 July as opposed to 2018 July, the head of the Union of Banks of Armenia and CEO of Ameriabank Artak Hanesyan told reporters today. He added that he does not share the opinion that the expectations of Armenian banks from the economy and lending rate were low.

“We are optimistic about economic growth and were not mistaken in our estimates, which is reflected in the growth rates in various sectors, as well as in the growing interest of customers in various banking services,” Hanesyan said.

According to him, the mortgage market has become much more active, with rising real estate prices and sharp increase in mortgage lending.

He said the trend began last year and continues to this day. ‘Today, the proposal does not manage to meet demand. Other lending areas are also growing, and there is an increase in the business sector, in the demand for loans,” Hanesyan said.

He said a lot of transactions have been completed in August and although it is yet over, the number of transactions is already comparable to that in 2018 December (the most active month in terms of banking transactions) and continues to grow.

‘We expect this autumn to be more impressive both in terms of bank customer numbers and in terms of the number of services and the volume of transactions.’ he said.

He noted that the data analysis has not yet been completed, but customers have become more active in using banking services and this applies not only to consumer transactions, but also to various transactions, from money transfers to creating one’s own small business.

“In fact, electronic commerce is becoming more active, and there are great expectations for the development of this sector,” Hanesyan said.

According to the latest data of the Central Bank of Armenia, as of May 2019, banks and credit organizations issued loans worth 318.2 billion drams, against 243.4 billion drams in May 2018. In fact, in May 2019, the growth in mortgage lending compared to the same period in 2018 amounted to 31%. ($1 – 475.91 dram). –0–

spot_img

POPULAR

“Kamurj” UCO CJSC bonds worth 1 billion drams listed on AMX

"Kamurj" UCO CJSC bonds have been listed on the Armenia Securities Exchange (AMX), the exchange's press service reported.

Central Bank of Armenia may switch to hawkish rhetoric and raise rate – Freedom Broker Armenia (EXCLUSIVE)

The likelihood of the Central Bank of Armenia switching to tougher monetary rhetoric and potentially raising the rate in the short term may increase, Rafael Mkrtchyan, Head of Corporate Finance at Freedom Broker Armenia, told ARKA news agency.

EDB: Cross-border remittance inflow to Armenia increased to $5.9 billion in 2025, net inflow by 8.6%

Cross-border remittance inflow to Armenia increased by 2.4% year-on-year in 2025, reaching $5.9 billion, according to the Eurasian Development Bank's March macroeconomic review.

Armenian capital market needs not only technology, but also a mature regulatory and infrastructural environment – ​​NABIX founder

The digital infrastructure of the Armenian capital market has made significant progress in recent years, but the market still lacks a more robust regulatory and technological framework for the full development of new financial instruments.

Armbanks Weekly Digest: Key Events in the Armenian Financial Market (March 16-22)

The past week in Armenia's financial market saw little change, with monetary policy parameters maintained, updated banking data published, and external and fiscal risks clarified.

LATEST NEWS

spot_imgspot_imgspot_img