Araratbank reports 30 percent indices growth

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15.12.2009, 17:27

Araratbank said its indices have grown by 30 % this year, including assets and credit investments. A deputy executive director of the bank, David Harutyunian, said the bank’s assets stand now at 40 billion Drams, its credit portfolio at 15.5 billion Drams

YEREVAN, December 15, /ARKA/. Araratbank said its indices have grown by 30 % this year, including assets and credit investments. A deputy executive director of the bank, David Harutyunian, said the bank’s assets stand now at 40 billion Drams, its credit portfolio at 15.5 billion Drams and incomes at 350 million Drams.

Speaking at a news conference Monday at Novosti international press center, he attributed the growth to ‘good management.’

Araratbank (previously Armsvyazbank) was established in 1991; 25% of its shares are owned by the European Bank of Reconstruction and Development (EBRD) and the rest by Barsegh Beglarian, the biggest oil products trader in Armenia. Araratbank joined NASDAQ OMX Armenia stock exchange in 2009 January. The Bank has 27 branches in Armenia. ($1 – 383.63 Drams). -0-

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