ProCredit bank earns 502 million drams in profit in 2014
03.02.2015,
17:51
In 2014 ProCredit Bank earned 502 million drams in profit, up from 22 million drams earned in 2013, the German-owned bank said today in a press release. It said the 502 million dram profit represents a capital profitability of 5.7%.
YEREVAN, February 3, /ARKA/ In 2014 ProCredit Bank earned 502 million drams in profit, up from 22 million drams earned in 2013, the German-owned bank said today in a press release. It said the 502 million dram profit represents a capital profitability of 5.7%.
'These results are due to ProCredit’s stable and balanced development, which means that both clients and international investors trust the bank,' Head of Budgeting, Controlling and Reporting Unit Gor Gabuzyan was quoted as saying.
“Since 2008, ProCredit Bank has followed a policy of establishing long-term and stable relationships with its clients. As a result of this, the bank broke even and in 2013 it recorded its first annual profit, 22 million drams.
In 2014, this had grown to 502 million drams, which represents a capital profitability of 5.7%. These results are due to ProCredit’s stable and balanced development, which means that both clients and international investors trust the bank. This trust is evidenced by the fact that in 2014 ProCredit Holding, the bank’s parent company, provided the bank with a subsidiary loan of USD 7.5 million in order to reinforce the bank’s stability and growth,” he said.
ProCredit Bank began its operations in Armenia in 2008 February and is part of the international ProCredit group, which is led by ProCredit Holding based in Germany and operates in 11 banks in Eastern Europe and institutions in Latin America as well as in Germany.
Both ProCredit Holding and ProCredit Bank Germany are supervised by the German Financial Supervisory Authority (BaFin), which underscores the reliability and stability of the ProCredit institutions. ProCredit Bank Armenia is a fully-fledged bank with 100% foreign capital, focused on the development of small and medium-sized enterprises, as well as on the promotion of a savings culture among the population.
At the end of 2014, the bank’s total capital amounted to 11.8 billion drams, which is in compliance with the requirements set by the Armenian central bank. The bank's assets grew last year by 25.9 percent to 66.5 billion drams and its liabilities grew by 29.9 percent to 57.3 billion drams. ($1 – 476.64 drams).
