Araratbank POSTS $200,000 six-month net profit

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06.07.2009, 21:31

Araratbank’s after-tax net profit for January-June 2009 exceeded $200,000, said the bank’s CEO Ashot Osipyan.

YEREVAN, July 6. /ARKA/. Araratbank’s after-tax net profit for January-June 2009 exceeded $200,000, said the bank’s CEO Ashot Osipyan.

The first half of 2009 was profitable for the bank. “Overall, the bank posted a six-month profit, which is rather difficult under existing conditions,” the banker was quoted as saying last Friday.

The bank opened four new branches in the past six months, increasing its loan portfolio and making capital investments, Osipyan added.

Araratbank plans to purchase another financial company or bank. “We are ready for a merger and we are working on this program,” the bank’s CEO said, adding the name of the procured organization would be made public soon.

Araratbank, the legal successor of Haykap (Armenian Communication Bank), was established in 1991. EBRD holds 25% of the bank’s shares, with Barsegh Beglaryan, owner of Armenia’s leading oil trader Flash Ltd, holding the rest of the 74.1% of the shares.

As of March 31, Araratbank posted 28bln drams worth assets, with liabilities totaling 20.3bln drams. The bank’s capital reached 7.6bln drams, with loan investments amounting to 14.4bln drams. Araratbank saw a Q1 net loss of 14mln drams.

The bank currently has 25 branches in Armenia. ($1 – 360.66 drams).—0--

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