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Armenian Banks' Representation, Advertising Expenses 377.3mln In 1st

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  • Armenian Banks' Representation, Advertising Expenses 377.3mln In 1st

    ARMENIAN BANKS' REPRESENTATION, ADVERTISING EXPENSES 377.3MLN IN 1ST QUARTER 2008

    ARKA
    May 21, 2008

    YEREVAN, May 21. /ARKA/. The Armenian banking system's representation
    and advertising expenses totaled 377.3mln AMD in the 1st quarter of
    2008 - a 14.64% decrease as compared with the corresponding period
    last year.

    An analysis made by the ARKA News Agency on the basis of the banks'
    financial reports showed that one bank's representation and advertising
    expenses averaged 17.2mln AMD in January-March 2008 against 21mln
    AMD in the corresponding period last year. Thus, one bank's monthly
    advertising and representation expenses averaged 5.7mln AMD.

    The ACBA Credit Agricole Bank recorded the largest representation and
    advertising expenses - 57.2mln AMD or 15.15% of the banking system's
    total advertising and representation expenses. On the other hand,
    the bank's representation and advertising expenses proved to be 46.76%
    less in January-March 2008 as compared with the corresponding period
    last year.

    The Unibank recorded the second largest representation and
    advertising expenses - 52.5mln AMD (13.91% of the banking system's
    total advertising and representation expenses). The bank increased
    its advertising and representation expenses by 4.825 as compared with
    January-March 2007.

    The Anelik Bank recorded the third largest representation and
    advertising expenses - 40mln AMD (a 46.56% decrease as compared with
    January-March 2007). The Areximbank and Armeconombank rank 4th and 5th
    - 37.6mln AMD and 30.23mln AMD respectively. The first leading banks'
    advertising and representation expenses constituted 57.67% of the total
    advertising and representation expenses of Armenia's banking system.

    The BTA Investbank recorded the largest share of advertising expenses
    in other operating expenses. It is followed by Areximbank (41.72%)
    and Unibank (36.1%).

    Despite a general decrease in advertising and representation expenses
    recorded in Armenia's banking system, many banks considerably increased
    their expenses. Specifically, Armimpexbank increased its advertising
    and representation expenses 5.29 times up to 2.5mln AMD, Inecobank
    2.64 times up to 16.4mln AMD, BTA Investbank 2.52 times up to 16.9mln
    AMD, Armeconombank 2.12 times up to 30.3mln AMD. In absolute terms,
    Armeconombank recorded the largest increase in its advertising and
    representation expenses - 16mln AMD, followed by Inecobank (a 10.2mln
    AMD increase) and BTA Investbank (a 10.2mln AMD increase).

    Eleven banks recorded decrease in their advertising and representation
    expenses.

    The advertising and representation expenses of the Byblos Bank
    Armenia totaled 4.7mln AMD in January-March 2008 - 32.63% of the
    amount recorded in the corresponding period last year.

    Ardshininvestbank's advertising and representation expenses totaled
    9.5mln AMD (33.91%).
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