YEREVAN, June 25. /ARKA/. Today, on 25 June 2020, ARARATBANK wrapped s up the 2019 indicators at the Annual General Meeting of Shareholders in ARARATBANK ZARGATSUM branch, reporting growth in the key financial indicators.
More particularly, as of 2019 the bank’s assets stood at AMD 222,446 million, exceeding the indicator of 2018 by 0.7%. At that, lending increased by 13.3% and totaled AMD 135,921 million. In 2019, liabilities stood at AMD 185,042 million, while total capital — by 2019 indicators — stood at AMD 37,404 million. Net profit of AMD 2,264 million was reported.
“I believe that 2019 was a very important year for ARARATBANK in terms of development. Despite the tough competition in the financial and banking sector, ARARATBANK managed to accomplish the objectives set out in the bank’s strategy during the reporting period. It is noteworthy that we expanded lending at the expense of retail, consumer lending, and highlighting the idea of a healthy and diversified loan portfolio, in 2019 we kept on pursuing a conservative and cautious credit policy and again stood out with а high-quality loan portfolio in the Armenian banking sector,” said Mher Ananyan, Chairman of the Executive Board of ARARATBANK OJSC.
He informed that, in 2019, AMD-denominated bonds with a total volume of AMD 3.5 billion were placed for the National Mortgage Company RCO CJSC, while AMD denominated bonds with a total volume of AMD 2.5 billion and USD denominated bonds with a total volume of USD 2 million were placed for FINCA UCO, meanwhile performing the functions of a market maker of the said bonds.
“I find it important to report our success in the field of digital banking. In 2019, ARARATBANK kept developing mobile banking through the application of cutting-edge solutions by redesigning the interface, adding new features, a new toolkit, introducing new loan and deposit products, and making the bank-customer relationships more user-friendly. By the way, it is noteworthy that by the end of 2019 the number of users reached 8184 compared to 402 in 2018, which, in my opinion, is quite a good indicator,” said Mher Ananyan, Chairman of the Executive Board of ARARATBANK OJSC.
“In addition to the figures reported in 2019, I consider especially important the role of the Board of Directors in the efficient management of the bank. I must say that in 2019 experienced, smart and knowledgeable members were added to the Board of Directors of ARARATBANK who will use their full potential, experience and knowledge for the development and progress of the bank,” said Grigor Hovhannisyan, Chairman of the Board of Directors of ARARATBANK OJSC.
Given that the Annual General Meeting of Shareholders was held under the conditions of COVID-19 pandemic, only the shareholders and management of the bank were present at the meeting, social distance was maintained, face masks and hand sanitizers were provided.
Araratbank runs 59 branches throughout Armenia. As one of the fastest growing banks, it is expanding its branch network and the range of banking service and is an active participant in the real sector of the Armenian economy, in particular, in lending to small and medium-sized businesses. The bank cooperates with 14 reputable international financial organizations. -0-
