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Bank VTB (Armenia) Plans To Earn At Least 5.2 Billion Drams In Net P

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  • Bank VTB (Armenia) Plans To Earn At Least 5.2 Billion Drams In Net P

    BANK VTB (ARMENIA) PLANS TO EARN AT LEAST 5.2 BILLION DRAMS IN NET PROFITS THIS YEAR: DEPARTMENT HEAD SAYS

    / ARKA /
    May 18, 2011
    YEREVAN

    Yuri Gusev, head of the financial department of the Russian-owned
    Bank VTB (Armenia) said today it plans to earn at least 5.2 billion
    drams in net profits this year. According to Valery Ovsyanikov, the
    chief executive officer of bank, in the first quarter of 2011 Bank VTB
    (Armenia) earned 1.3 billion drams in net profits.

    Speaking at a news conference Gusev said the bank did a great job
    last year and made large infrastructure investments and hopes to get
    payback .

    According to the bank's data, its assets as of March 31 stood
    at 136.9 billion drams growing by 7.4% from December 2010, the
    outstanding credit portfolio grew by 14.8% to 99.4 billion drams,
    combined liabilities grew by 8.2% to 106.1 billion drams, the volume
    of deposits grew by 10.8% to 64.8 billion drams, the total capital
    increased by 5.2% to 30.8 billion drams and charter capital stayed
    at previous level of 13.8 billion drams.

    Valery Ovsyanikov said the bank has increased lending to individual
    clients by 12% as the number of its customers has grown by 40,000 over
    the last 5 years to 270,000. The bank also accounts for about 9% of all
    individual deposits. The number of card holders has risen five times,
    the number of ATMs by 7 times and that of POS terminals by six times.

    He said at the end of quarter one the bank accounted for 8.7% of
    lending to individuals, for 5.1% of attracted corporate deposits. The
    bank handles about 6 000 corporate clients including 150 largest
    Armenian companies and 30 companies with Russian capital.

    Bank VTB (Armenia) is owned by Russian Bank VTB. It has 68 branches
    across Armenia, 24 in Yerevan and 44 outside it. It also operates 59
    ATMs and 400 POS terminals.($1 - 373.74 drams).

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