Ardshininvestbank’s assets grow 23.8% to AMD 198.5 Billion in 2012

YEREVAN, April 30. /ARKA/. Ardshininvestbank’s assets totaled AMD 198.5 billion by January 1, 2013 after growing 23.8% over 2012, according to the results of its activities for the year 2012, on the basis of its audited consolidated financial statements in compliance with the IFRS.

“The Bank’s management didn’t pursue the goal of increasing the volume of assets; meanwhile the target was to maximize the efficiency of the placement of existing assets,” the bank says in its press release sent to ARKA News Agency. “As a result, by the end of 2012, the credit portfolio of the Bank reached AMD 136.1 bln, which is 43.0% higher than the year-end figure for 2011. The development of the Retail segment of the Bank has contributed to the sustainable growth of the loan portfolio.”

The Retail loan portfolio reached the level of AMD 46.2 bln, rising by AMD 15.6 bln during the year (2012) and making 34% of the total credit portfolio by the end of 2012.

The volume of loans extended by the Bank to enterprises (corporate clients), grew by AMD 25.3 bln, totaling to AMD 89.9 bln, which makes 66% of the Bank’s total credit portfolio. 

It is worth mentioning that in addition to the existing positive dynamics of the loan portfolio, the Bank managed to significantly improve the asset quality. For instance, the share of more than 90 days overdue loans (NPL) in total loan portfolio made just 0.83% by the end of 2012.

The equity of the Bank - as the main indicator of its financial stability, grew by 13.7%, totaling to AMD 35.8 bln as of 1st January 2013.

The ratios of profitability on the average equity (ROAE) and on average assets (ROAA), made 12.6% and 2.4% respectively.

Deepening the cooperation with the international financial institutions is an important factor for the Bank’s development, in particular during 2012 the Bank attracted additional resources amounting to USD 8.0 mln from BSTDB and USD 6.0 mln from ADB. 

Talking about the results of the activities for the last year, the Chairman of the Management Board of the Bank Mher Grigoryan mentioned: “The achievements of ARDSHININVESTBANK in 2012 confirm the transformation of the Bank into universal financial institution, offering its clients a wide spectrum of quality products. The permanently growing client base is reassuring that the Bank is on the right way”.

As of 1st January 2013, the client base of ARDSHININVESTBANK counted for 9’700 legal and 175’350 physical entities, exceeding the same number for the year 2011 by 32%.

During 2012, the overall network of sales points of the Bank increased by 29 units, achieving a level of 330 units as of 1st January 2013 (including ATMs and POS terminals).

Ardshininvestbank received its license from the Central Bank of Armenia on February 27, 2003. Ardshininvestbank has 49 branches in Armenia and six in the Nagorno-Karabakh Republic. The bank also has its office in Paris. ($1- AMD 410.98).-0-