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Shareholders Of ARARATBANK Direct 581 Mln Drams Profit Got In 2008 T

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  • Shareholders Of ARARATBANK Direct 581 Mln Drams Profit Got In 2008 T

    SHAREHOLDERS OF ARARATBANK DIRECT 581 MLN DRAMS PROFIT GOT IN 2008 TO CAPITALIZATION

    ArmInfo
    2009-06-05 18:33:00

    Arminfo. The shareholders of ARARATBANK direct 581 mln drams of net
    profit got in 2008 to capitalization, ensuring growth of the total
    capital up to 7.5 bln drams in this way. When making a speech at
    the annual meeting of the shareholders Chairman of the ARARATBank
    Board Ashot Osipyan said that in 2008 total assets grew by 19,3%
    having amounted to 29,6 bln drams. The credit portfolio of the bank
    grew by 32,9% up to 12.2 bln drams; net profit grew by 74,4 bln and
    total capital by 69%.

    Acting as a quickly growing universal bank ARARATBank is drawing much
    attention to improvement of the crediting technologies for financing
    of small and medium-sized business within the frames of the European
    Bank programme on development of the micro-financial services. It has
    also fulfilled a programme on development of technologies to finance
    medium-sized business. The bank is actively developing the branch net
    and is increasing irs client base. The bank has entered the market
    of loan obligations, having successfully placed its obligations and
    held DPO. In November 2008 thanks to the new additional emission EBRD
    became shareholder of the bank with a share 25% plus one share. As
    representative of EBRD Aleksandr Babayan said in his speech,
    EBRD entered the capital of ARARATBank taking into consideration
    its active development, intensive growth of indices and high quality
    team of managers. He also added that EBRD is going to continue showing
    financial and technical aid to the bank to improve its risk-management,
    system of corporative management, structural reforms, to draw out
    new banking products and develop marketing technologies. 'The EBRD
    is watching ARARTBANK as a reliable partner', - he said and added he
    hopes the growing tendency of the bank will continue irrespective of
    the cris is.

    As the head of the Council of the bank, leader of 'Flash' company
    Barseg Beglaryan told ArmInfo correspondent, 'taking into consideration
    the fact that the bank has a status of OJSC, we are going to become
    more public bank', and added the leadership of the bank is going to
    discuss the problem of holding new emission of shares.

    Meanwhile, as Ashot Osipyan told ArmInfo, taking into account the fact
    that the world financial crisis is deepening its affect on Armenia,
    the bank does not expect to get the predicted level of profit over the
    current year, but nevertheless it will continue intensively developing
    the banking technologies for the future jerk.

    By the amount of assets, ARARATBANK is an average bank dynamically
    developing in Armenia, 74,1% of its package of shares is owned by
    Flesh company, one of the largest oil traders of the country, and
    25%+1 share belongs to EBRD. The bank was re-registered from CJSC
    into OJSC in August 2007 and became the third bank with public
    status in the country. The key directions of the activity are:
    serving corporate clients, financing small and medium business,
    actively developing the retail business. Since May 2007 the bank has
    carried out two issues of its own corporate bonds and it intends to
    hold a new issue of securities. The bank is successfully developing
    relations with international financial organizations. The national
    rating agency AmRating/Global Rating provided the bank with 'BB-'
    rating with "possible rising" outlook. Karina Melikyan, an analyst at
    the agency, thinks that the bank's rating is grounded by stable rates
    and positive dynamics of development, maximal transparency, strong
    support by the main shareholders, including EBRD, which participates
    in the capital and thereby decreases the risk of dependence on one
    shareholder. According to her, over the last half a year the bank
    increased its share in the market by 2-3%, having ensured one of the
    highest growth rates among the Armenian banks having similar level
    of development.
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