Armenia’s banking system showed good growth rate in 2014, Ameriabank CEO says

YEREVAN, February 17. / ARKA /. Armenia's banking system showed a good growth rate in 2014, Ameriabank CEO Artak Hanesyan said today.

Speaking at a news conference he said the banking system's assets increased by 16%, while their total capital saw a 4% rise. Also the banks' credit investments  surged by  21%, "which is a good indicator of growth, taking into account the fact that 2014 was quite difficult in terms of lending due to a significant deterioration in asset quality."

Hanesyan noted also that due to intense competition in 2014 a reduction in interest rates on deposits as well as on lending was recorded.

He also said loans to legal entities increased by 23%, while time deposits increased by 9.8%. Lending to individuals grew by s 21%.

There are 21 commercial banks in Armenia and the Pan-Armenian Bank. According to the Central Bank of Armenia, the banks' assets  grew last year by 16% to over 3.41 trillion drams;  their liabilities grew by 18.3% to about 3 trillion drams; their  total capital upped by 4.2% to 488.7 billion drams,  while their  net profit slashed by 41% to 27.1 billion. drams. ($ 1 - 478.91 drams). -0-