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ENP Newswire
June 12, 2009 Friday
Annual Meeting 2008 of Armeconombank OJSC held on June 12, 2009, at
'Tigran Mets' hall of Armenia-Mariott hotel
The outcomes of Armeconombank's accounting year evidence the Bank's
steady position as a system builder in Armenian banking circles, and
the 24.3% growth of average market price of bank shares against the
previous year is one of the vivid proves to this fact.
The efficient strategy of the bank's development in accordance with
corporate governance principles, was marked by a number of important
achievements, essential qualitative movements and significant
expansion of cooperation with International financial Institutions.
Among notable events of the accounting year the most important are:
EBRD recognized the Bank as the most active issuer Bank in the
Republic of Armenia in the sphere of documentary operations under
EBRD's TFP.
AmRating/GlobalRating rating agency assigned the Bank a 'BB+' credit
rating by presage of 'possible rise'.
For the first time in the Republic of Armenia The Bank along with
ArmenTel opened a customer phone service centre (call center).
A specialized microfinance centre was opened.
'Zeytun' branch began functioning.
Armeconombank joined 'Blizko' payment system.
The Bank and the Black Sea Trade and Development Bank signed a USD
5.0mln. Loan Agreement, which was on-lended to small and medium-size
business.
As during the previous 5 years this year too the bank has paid
dividends to its shareholders. In accordance with the bank's adopted
dividend payment policy implies dividends payment from 2008 annual
proceeds by 10% profitability per annum.
During 2008 the bank's key development indicators in their average
have grown against the same of 2007:
Total equity by 12.2%, amounting to AMD 8.6bln.
Loan investments by 10.1%, amounting to AMD 26.5bln.,
Net income from rendered services by 4.9%, amounting to AMD 969.3mln.
The accounting year was more efficient for expansion of plastic card
services. With significant niche in the ArCa plastic cards' market the
Bank has extended its customers around 20.150 local and International
cards, thus the aggregate number of extended cards reached 62.895. As
to current year development trends of the Bank the Bank management
states with pleasure that nothwithstanding the International
Financial-economic crisis and the tension of the country's political
and economic environment, the confidence of customers towards the Bank
continues to grow, and this is evidenced by significant increase in a
number of the Bank's indicators recorded during the first 5 months of
2009. Particularly the following indicators have increased:
Time deposits attracted from Individuals by 8.3%, forming AMD 5.4bln.,
Deposits attracted from legal entities by AMD 1.5bln. or 54.8%,
forming 4.3bln.,
The number of local and International plastic cards by 6,370n or
10.1%, forming 69.265 cards,
As a result of above mentioned developments the number of customers
has increased by 18,501 or 34.8%, forming 71.680 customers, against
53.179 at the end of 2008.
[Editorial queries for this story should be sent to
[email protected] ]
June 12, 2009 Friday
Annual Meeting 2008 of Armeconombank OJSC held on June 12, 2009, at
'Tigran Mets' hall of Armenia-Mariott hotel
The outcomes of Armeconombank's accounting year evidence the Bank's
steady position as a system builder in Armenian banking circles, and
the 24.3% growth of average market price of bank shares against the
previous year is one of the vivid proves to this fact.
The efficient strategy of the bank's development in accordance with
corporate governance principles, was marked by a number of important
achievements, essential qualitative movements and significant
expansion of cooperation with International financial Institutions.
Among notable events of the accounting year the most important are:
EBRD recognized the Bank as the most active issuer Bank in the
Republic of Armenia in the sphere of documentary operations under
EBRD's TFP.
AmRating/GlobalRating rating agency assigned the Bank a 'BB+' credit
rating by presage of 'possible rise'.
For the first time in the Republic of Armenia The Bank along with
ArmenTel opened a customer phone service centre (call center).
A specialized microfinance centre was opened.
'Zeytun' branch began functioning.
Armeconombank joined 'Blizko' payment system.
The Bank and the Black Sea Trade and Development Bank signed a USD
5.0mln. Loan Agreement, which was on-lended to small and medium-size
business.
As during the previous 5 years this year too the bank has paid
dividends to its shareholders. In accordance with the bank's adopted
dividend payment policy implies dividends payment from 2008 annual
proceeds by 10% profitability per annum.
During 2008 the bank's key development indicators in their average
have grown against the same of 2007:
Total equity by 12.2%, amounting to AMD 8.6bln.
Loan investments by 10.1%, amounting to AMD 26.5bln.,
Net income from rendered services by 4.9%, amounting to AMD 969.3mln.
The accounting year was more efficient for expansion of plastic card
services. With significant niche in the ArCa plastic cards' market the
Bank has extended its customers around 20.150 local and International
cards, thus the aggregate number of extended cards reached 62.895. As
to current year development trends of the Bank the Bank management
states with pleasure that nothwithstanding the International
Financial-economic crisis and the tension of the country's political
and economic environment, the confidence of customers towards the Bank
continues to grow, and this is evidenced by significant increase in a
number of the Bank's indicators recorded during the first 5 months of
2009. Particularly the following indicators have increased:
Time deposits attracted from Individuals by 8.3%, forming AMD 5.4bln.,
Deposits attracted from legal entities by AMD 1.5bln. or 54.8%,
forming 4.3bln.,
The number of local and International plastic cards by 6,370n or
10.1%, forming 69.265 cards,
As a result of above mentioned developments the number of customers
has increased by 18,501 or 34.8%, forming 71.680 customers, against
53.179 at the end of 2008.
[Editorial queries for this story should be sent to
[email protected] ]