YEREVAN, March 7. /ARKA/. Armenia-based 18 commercial banks’ credit portfolio in 2022 grew by 241 billion drams or 6.1% to about 4.2 trillion drams, the Union of Banks of Armenia said.
Compared to the third quarter of 2022, the credit portfolio increased by 3.5% or 144 billion drams.
Loans in drams made 64% of the loan portfolio, while loans in foreign currency – 36%.
The lending to economy constituted 42% of the total (over 1.8 trillion drams), loans to individuals – 47% (over 2 trillion drams), and loans and deposits provided to other financial institutions – 11% (499 billion drams).
Some 23.6% of the credit portfolio were consumer loans (895.5 bln drams), 22.4% were mortgage (849.4 bln drams), 13.6% – were loans provided to industry (515 bln drams), 12.4% – were trade loans (469.7 bln), 9.8% were loans provided to financial sector ( 372.3bln), 9.2% were loans provided to construction sector (349.6 bln. drams), 6,6% were loans provided to services sector- (294.5 bln. drams) and 6% were loans to agriculture (226.3 bln drams).
In 2022 the consumer lending increased by 8.6%, mortgages by 29.7%, lending to financial sector by 78.1%, to the construction sector by 10.9% and to agriculture by 6.7%.
Lending to industrial enterprises declined 1.4%, to trade by 2.6%, to services by 12.8% and to other segments by 2.8% and to transportation and communications by 30.5%.
Interest rates on bank-issued dram loans amounted to 14.45% in December last year, having increased by 2.27% compared to December 2021. The interest rates on dollar loans (8.63%) increased by 0.21% compared to December 2021. The refinancing rate rose 3% to 10.75% on Dec. 13, compared to Dec. 14, 2021. ($1 – 388.17 drams). -0-
