Overdue Credits in Armenian Commercial Banks Portfolios Drop to 5%
14.05.2010,
03:29
The share of overdue credits in Armenian commercial banks’ portfolios in the first quarter of 2010 dropped to 5%, down on 8%-10% late last year, Ararat Ghukasian, chairman of the Union of Armenian Banks, said to a news conference today.
YEREVAN, May 13, /ARKA/. The share of overdue credits in Armenian commercial banks’ portfolios in the first quarter of 2010 dropped to 5%, down on 8%-10% late last year, Ararat Ghukasian, chairman of the Union of Armenian Banks, said to a news conference today.
He said the volume of extended credits in the first three months of the year rose by 7.42% from the beginning of the year or by 54 billion Drams to 777 billion Drams. Compared to the first quarter of 2009 their volume rose by 19.14%. Overall, some 150,000 credits were extended in the first quarter of the year, the bulk of which were consumer credits.
According to figures, unveiled by Ghukasian, the banks earned a total of 6. 8 billion Drams in profits in Q1, well up from the first quarter of last year. Higher earnings were responsible for a total of 4.4 billion Drams of different taxes paid by the banks in the first quarter, Ararat Ghukasian said.
Overall, the first quarter, was positive, Ghukasian said, citing also a 5.36% rise in the volume of banks’ assets or 72 billion Drams, which rose to 1.4 trillion Drams. The figure represents a 14% growth if compared to the first quarter of 2009. According to him, the banks’ total capital grew by 3% from the beginning of the year.
On March 31 there were 31 commercial banks in Armenia with 389 branches. Their total capital stood at 295.2 billion Drams, liabilities at 1.122 trillion Drams, and their aggregate credit investments totaled 783.4 billion Drams. ($1- 389.47 Drams)..-0-
He said the volume of extended credits in the first three months of the year rose by 7.42% from the beginning of the year or by 54 billion Drams to 777 billion Drams. Compared to the first quarter of 2009 their volume rose by 19.14%. Overall, some 150,000 credits were extended in the first quarter of the year, the bulk of which were consumer credits.
According to figures, unveiled by Ghukasian, the banks earned a total of 6. 8 billion Drams in profits in Q1, well up from the first quarter of last year. Higher earnings were responsible for a total of 4.4 billion Drams of different taxes paid by the banks in the first quarter, Ararat Ghukasian said.
Overall, the first quarter, was positive, Ghukasian said, citing also a 5.36% rise in the volume of banks’ assets or 72 billion Drams, which rose to 1.4 trillion Drams. The figure represents a 14% growth if compared to the first quarter of 2009. According to him, the banks’ total capital grew by 3% from the beginning of the year.
On March 31 there were 31 commercial banks in Armenia with 389 branches. Their total capital stood at 295.2 billion Drams, liabilities at 1.122 trillion Drams, and their aggregate credit investments totaled 783.4 billion Drams. ($1- 389.47 Drams)..-0-
