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'CONVERSE BANK' TO COMPLETE YEAR 2008 WITH PROFIT OF 2.5 BLN DRAMS
ArmInfo
2008-12-26 14:59:00
ArmInfo. 'Converse Bank' schedules to assure the balance sheet
profit of 2.5 bln drams upon the results of 2008, with almost 40%
excess of the last-year indicator, Director General of 'Convesre Bank'
Ararat Ghukasyan said today when replying to ArmInfo question during
a press-conference timed to summing-up of the year results.
He said the bank increased the credit portfolio in 2008 by 36% up to 42
bln drams as of late November. Moreover, the consumer credit portfolio
of the bank grew by 17% to 7.4 bln drams, mortgage portfolio - by 80%
to 5 bln drams. As A. Ghukasyan said, the current year turned out to be
critical as regards increase of the agriculture crediting volumes. So,
the agricultural credit portfolio of the bank has grown by 130% since
the beginning of the year having exceeded 1 bln drams. 'We managed
to generate the relevant package of tools for financing of small
private economic subjects. In general, 900 mln drams out of the total
agricultural credit volume were granted due to the bank participation
in the international programmes, while credits to 100 mln drams were
extended at the cost of the bank's own funds', A. Ghukasyan emphasized.
Moreover, he said, the bank has become more active this year in
crediting of small and medium-sized business (SME) and assured 17%
portfolio growth. 'We are going to increase the specific weight of SME
credits in the bank's total crediting portfolio as both at the cost
of participation in international programmes and at the cost of own
resources and the funds of the recently issued bonds', he said and
added that the bank's credit portfolio on SME makes up about 5.5 bln
drams. At late December, 2008, 'Converse Bank' joined the programme
of the European Bank for Reconstruction and Development valued at $10
mln to be directed to SME financing in the Armenian villages as well.
According to A. Ghukasyan, The European Bank will provide financing
by two equal tranches ($5 mln each), the first of which will be
expectedly received in early, 2009. As the banker said, increase of the
credit portfolio given to SME will allow, first, to more diversify the
crediting spheres that, in its turn, will reduce the risks. Second, it
will lead to increasing of the workplaces and formation of more stable
basis for the economic development of the country. 'However, we are
not going to tighten the conditions of crediting of small business,
however, SME crediting terms will be more attractive', A. Ghukasyan
emphasized. He added that changing of the interest rates on credits
and deposits towards increasing by 1-1,5 % was observed during the
year both in the Banking market in general and in the "Converse Bank".
According to the data of 'Conversee Bank', the total bank capital
as of November 30 made up 13 bln drams , assets - 64.7 bln drams ,
liabilities - 51.7 bln drams. Converse Bank shareholders are Advanced
Global Investments controlled by Eduard Eurnekyan (95%) and Armenian
Apostolic Church Cathedral (5%), The bank has been operating since
1993.
ArmInfo
2008-12-26 14:59:00
ArmInfo. 'Converse Bank' schedules to assure the balance sheet
profit of 2.5 bln drams upon the results of 2008, with almost 40%
excess of the last-year indicator, Director General of 'Convesre Bank'
Ararat Ghukasyan said today when replying to ArmInfo question during
a press-conference timed to summing-up of the year results.
He said the bank increased the credit portfolio in 2008 by 36% up to 42
bln drams as of late November. Moreover, the consumer credit portfolio
of the bank grew by 17% to 7.4 bln drams, mortgage portfolio - by 80%
to 5 bln drams. As A. Ghukasyan said, the current year turned out to be
critical as regards increase of the agriculture crediting volumes. So,
the agricultural credit portfolio of the bank has grown by 130% since
the beginning of the year having exceeded 1 bln drams. 'We managed
to generate the relevant package of tools for financing of small
private economic subjects. In general, 900 mln drams out of the total
agricultural credit volume were granted due to the bank participation
in the international programmes, while credits to 100 mln drams were
extended at the cost of the bank's own funds', A. Ghukasyan emphasized.
Moreover, he said, the bank has become more active this year in
crediting of small and medium-sized business (SME) and assured 17%
portfolio growth. 'We are going to increase the specific weight of SME
credits in the bank's total crediting portfolio as both at the cost
of participation in international programmes and at the cost of own
resources and the funds of the recently issued bonds', he said and
added that the bank's credit portfolio on SME makes up about 5.5 bln
drams. At late December, 2008, 'Converse Bank' joined the programme
of the European Bank for Reconstruction and Development valued at $10
mln to be directed to SME financing in the Armenian villages as well.
According to A. Ghukasyan, The European Bank will provide financing
by two equal tranches ($5 mln each), the first of which will be
expectedly received in early, 2009. As the banker said, increase of the
credit portfolio given to SME will allow, first, to more diversify the
crediting spheres that, in its turn, will reduce the risks. Second, it
will lead to increasing of the workplaces and formation of more stable
basis for the economic development of the country. 'However, we are
not going to tighten the conditions of crediting of small business,
however, SME crediting terms will be more attractive', A. Ghukasyan
emphasized. He added that changing of the interest rates on credits
and deposits towards increasing by 1-1,5 % was observed during the
year both in the Banking market in general and in the "Converse Bank".
According to the data of 'Conversee Bank', the total bank capital
as of November 30 made up 13 bln drams , assets - 64.7 bln drams ,
liabilities - 51.7 bln drams. Converse Bank shareholders are Advanced
Global Investments controlled by Eduard Eurnekyan (95%) and Armenian
Apostolic Church Cathedral (5%), The bank has been operating since
1993.