YEREVAN, September 9. / ARKA /. The Russian-owned VTB Bank (Armenia) was the leading bank in Armenia by size of total loan portfolio in the first half of the year, the bank said in a press release today.
It said as of July 1 it reached 205.8 billion drams. Of that amount 1.8 billion drams were lent to other banks. In the first half the loan portfolio of the bank rose by 20.3 %.
Lending to individuals accounted for 37.6% of its total loan portfolio. Retail lending grew by 18.0 % in the first six months to 77.4 billion drams, which made 14.1 % of the aggregated lending to individuals by all banks. Corporate loans accounted for 61.5% growing 24.5 % in the first six months to 126.6 billion drams.
VTB Bank (Armenia) CEO, Yuri Gusev, was quoted as saying that the stable growth was the result of the bank's efficient performance in all areas.
"Despite the tough competition, we are acting solely by market methods, developing and offering loan products to businesses and individuals at attractive terms,’ he said.
VTB Bank (Armenia ) is owned fully by Russian VTB group. It runs 67 branches across Armenia, more than any other local bank. ($ 1 - 412.14 drams). -0-