Ameriabank’s loan portfolio surges by 19 percent in January September to 209.6 billion drams

YEREVAN, October 29. / ARKA /. Armenian Ameriabank’s loan portfolio surged by 19 percent in January-September this year amounting to 209.6 billion drams, the banks’ deputy CEO, Gevorg Tarumyan, told a news conference today. 

He said this figure compares with a 6.4 percent loan portfolio growth reported by the country’s banking system. 

“We have maintained our position, finishing second,” he said, while summing up the activities of the bank for the first 9 months of this year. 

"Ameriabank is ahead of all other banks in terms of development and according to our estimates, by the end of the year we will have the best loan portfolio. My confidence is supported by a very good contract we concluded recently with the Netherlands Development Finance Company (FMO) that will provide us with a $20 million convertible subordinated loan," he said. 

Of that amount $12.5 million can be converted into capital after January 1, 2015, he said adding that this funding enables the bank to provide additional credit facilities in the amount of $120 million.

Gevorg Tarumyan also said that Ameriabank is number one in terms of corporate lending that grew by almost 22 percent in the first nine months. He said lending to SME, which is the bank's target segment, grew by 35.7 percent to 45 billion drams as of September 30.

Noting that the bank has been actively developing retail and business lending in the last couple of years Tarumyan said mortgage lending recorded a growth of 23.5%.

"We have designed a special offer for SMEs that gives them an opportunity to refinance their loans at a lower rate. This was instrumental in stimulating the growth of our portfolio by 35%," he said. 

Tarumyan said also auto loans recorded a growth of 13.3%, while the consumer portfolio doubled. 

Ameriabank is a universal bank providing investment, corporate and retail banking services in the form of a comprehensive package of banking solutions. It is the first investment bank in Armenia, providing a wide range of innovative banking services since 2007. ($ 1 - 411.55 drams). -0-