Inecobank of Armenia 36th in top-100 list of best microfinance organizations of developing countries

YEREVAN, December 29. /ARKA/. Inecobank of Armenia is the 36th in top-100 list of best microfinance organizations of developing countries, says the analysis carried out by Microfinance Exchange (MIX) in 2008.

The analysis was made based on four basic indicators – profitability, efficiency, transparency and market involvement, says the official website of the bank. This is an important achievement for the bank particularly in the field of microfinancing facilitated by bank’s flexible and effective management and development-orientated powerful strategy, says the report.

The bank started the microfinancing business-program only at the end of 2008.

Inecobank closed joint stock company was registered on February 7 1996. In December 1997 the bank became the first bank in Armenia extending credits for consumer goods.

Among the stockholders of Inecobank are member of KfW group DEG company (Deutsche Investititions-und Entwicklunsgesellschaft mbH) with 13.5% and the International Financial Corporation with 10%. The bank is cooperating with the EBRD, USAID, KfW, the Black Sea Trade and Development Bank and other international organizations.

The bank’s assets had totaled 41.1bln Drams as of the end of September 2008 with total capital being 7.8bln Drams.

The authorized stock of the bank is 1.4bln Drams, the credit portfolio – 29.4bln Drams and the profit 1.1bln Drams in January-September 2008. Credits to small and medium enterprises were 10.7bln Drams with mortgage loans amounting to 2.8bln Drams. ($1=308.44Drams). –0—