Areximbank-Gazprombank Group plans to increase lending to SME to $31 million in 2014

Areximbank-Gazprombank Group plans to increase lending to SME to $31 million in 2014

YEREVAN, April 14. / ARKA /. Martin Torosyan, head of a department at Areximbank-Gazprombank Group, told in an interview with ARKA that the bank’s lending to SME last year amounted to $21 million (10 percent of its total lending) and that the Russian-owned bank plans to add another $10 million to this number this year.

"Now we can provide loans to all sectors of the economy both in Armenian drams and in U.S. dollars for up to 7 years at 11 -13 percent interest rate a year,” he said.

He said the bulk of lending to SME last year went to the trade companies, ‘which are our most profitable and creditworthy clients”.  In recent years the bank began also lending manufacturing enterprises, ‘because the ultimate goal of SME lending is to support manufacturers and revitalize this  sector of the country, including export-oriented enterprises."

In 2013 the bank’s credits and other loans amounted to about 92 billion drams.  This year it expects this figure to grow to 98 billion drams.

As of December 31, 2013 Areximbank-Gazprombank Group’s assets stood at 233.5 billion drams, nearly doubling in 12 months, while its liabilities also doubled to 212.1 billion drams. Its total capital grew by 27.2 percent to 21.4 billion drams, but its profit plunged by 57.5 percent to 475.8 million drams.

Areximbank - Gazprombank Group is owned fully by Russian Gazprombank.  It runs 16 branches- 7 in Yerevan and 9 in regions. It has also 487 people on its payrolls. . ($ 1 - 415.44 drams). -0-

15:09 14.04.2014

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