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2005 IS GOING TO BE A YEAR OF COMPETITION FOR RA BANKING SYSTEM, DEPUTY CHAIRMAN OF CBA STATES
YEREVAN, JUNE 3, NOYAN TAPAN. 2005 is going to be a year of new
challanges, competition and new instruiments application for the RA
banking system. Deputy Chairman of the Central Bank of Armenia (CBA)
Artur Javadian stated this at the annual meeting of Armeconombank's
shareholders on June 3. According to him, due to a decline in the
yield of government bonds, the banks will compete for customers
placing deposits and taking loans. CBA Deputy Chairman said that
this year the banks will also start introducing the principles of
corporate governance. According to A. Javadian, 2004 was also an
unprecedented year for the Armenian banks - the overall assets of the
system grew by 28.9% to 363 bln drams (about 827 mln USD). In the year
under review, the liabilities of the banking system increased by 29%,
while the time deposits of legal entities - by 50%. The overall profit
of the banks made 19.9 bln drams against 8.3 bln drams in the previous
year. During the year, a considerable increase in the crediting volumes
was registered - 37%. Most credits were provided to the food industry
and trade. The share of consumer credits was substantial as well.
YEREVAN, JUNE 3, NOYAN TAPAN. 2005 is going to be a year of new
challanges, competition and new instruiments application for the RA
banking system. Deputy Chairman of the Central Bank of Armenia (CBA)
Artur Javadian stated this at the annual meeting of Armeconombank's
shareholders on June 3. According to him, due to a decline in the
yield of government bonds, the banks will compete for customers
placing deposits and taking loans. CBA Deputy Chairman said that
this year the banks will also start introducing the principles of
corporate governance. According to A. Javadian, 2004 was also an
unprecedented year for the Armenian banks - the overall assets of the
system grew by 28.9% to 363 bln drams (about 827 mln USD). In the year
under review, the liabilities of the banking system increased by 29%,
while the time deposits of legal entities - by 50%. The overall profit
of the banks made 19.9 bln drams against 8.3 bln drams in the previous
year. During the year, a considerable increase in the crediting volumes
was registered - 37%. Most credits were provided to the food industry
and trade. The share of consumer credits was substantial as well.