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Aggregate Assets of Credit Orgs Increase To 3.6 Billion Drams

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  • Aggregate Assets of Credit Orgs Increase To 3.6 Billion Drams

    AGGREGATE ASSETS OF CREDIT ORGNAIZATIONS IN ARMENIA INCREASE TOT 3.6
    BILLION DRAMS


    YEREVAN, JULY 28. ARMINFO. Aggregate assets of credit orgnaizations in
    Armenia increased by 10% in the second half of 2004 totaling 3.6 bln
    drams, the CB's Press-Service told ARMINFO.

    According to the submitted data, the growth of the aggregate assets is
    accounted for by a 2,804% increase in the crediting of the employees
    of credit organizations and mutually-connected persons (22.5 mln
    drams). Besides, demands to banks and other financial orgnaizations
    increased by 189%, totaling 74.7 mln drams. Crediting of legal
    entities grew by 19.4%, totaling 251.2 mln drams, natural persons by
    23.7%, totaling 1.3 bln drams. Other assets increased by 115.1%,
    totaling 414.9 mln drams. Leasing and factoring operations decreased
    by 17.2%, making up 210.3 mln drams. Investments in state securities
    decreased by 48.6%, totaling 149.6 mln drams. Cash decreased by 54.7%,
    totaling 69.9 mln drams.

    At the same time, in the structure of assets, a 20.8% growth of basic
    funds was registered (479.6 mln drams on July 1, 2004), the calculated
    interests grew by 46.9% (20.9 mln drams), current accounts in banks by
    4.9% (441.6 mln drams).

    Provision of crediting grew by 9.9% in the second quarter and reached
    2.2 bln drams, which was accounted for by an increase in the volume of
    crediting of the agricultural sphere by 4.3%, trade sector by 0.5%,
    financial sector by 205.2%, on consumer credits by 17.2% and other
    branches by 40.6%, which totaled 312.5 mln drams. 110.8 mln drams,
    74.5 mln drams. 862.6 mln drams and 234.5 mln drams, respectively. In
    the crediting portfolio, a 10.8% decline was registered in the
    crediting of the industrial sector, a 1.1% in the sphere of
    construction, 4.2% in sphere of transport and communications, which
    totaled 497.0 mln drams. 88.8 mln drams and 2.2 mln drams,
    respectively.

    The credits and receivables classified on risk groups increased by
    4.9% in the second quarter of 2004, totaling 2.9 bln drams. As a
    result, on July 1, in the structure of crediting portfolio, "standard"
    credits totaled 89.8% or 2.6 bln drams, "controlled" credits - 5.7% or
    164.3 mln drams, "nonstandard" credits - 1.7% or 50.3 mln drams and
    "doubtful" credits - 2.8% or 81.6 mln drams. In the quarter under
    review, some 59.6% and 4% was fixed on "controlled" and "standard"
    credits respectively. While, some 9.7% and 0.1% decline was fixed on
    "nonstandard" and "doubtful" credits, respectively.

    According to data of the CB, by July 1, 2004, 7 credit orgnaizations
    and 1 branch operated in the territory of Armenia. At the same time,
    Express-Universal, SEF-International and Gladzor are universal credit
    orgnaizations, ACBA-Leasing and Agrileasing - leasing orgnaizations,
    Arfin - credit union and "First Mortgage Company" - mortgage credit
    orgnaization.
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