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Aggregate Assets of Credit Orgs Increase To 3.6 Billion Drams

AGGREGATE ASSETS OF CREDIT ORGNAIZATIONS IN ARMENIA INCREASE TOT 3.6
BILLION DRAMS

YEREVAN, JULY 28. ARMINFO. Aggregate assets of credit orgnaizations in
Armenia increased by 10% in the second half of 2004 totaling 3.6 bln
drams, the CB’s Press-Service told ARMINFO.

According to the submitted data, the growth of the aggregate assets is
accounted for by a 2,804% increase in the crediting of the employees
of credit organizations and mutually-connected persons (22.5 mln
drams). Besides, demands to banks and other financial orgnaizations
increased by 189%, totaling 74.7 mln drams. Crediting of legal
entities grew by 19.4%, totaling 251.2 mln drams, natural persons by
23.7%, totaling 1.3 bln drams. Other assets increased by 115.1%,
totaling 414.9 mln drams. Leasing and factoring operations decreased
by 17.2%, making up 210.3 mln drams. Investments in state securities
decreased by 48.6%, totaling 149.6 mln drams. Cash decreased by 54.7%,
totaling 69.9 mln drams.

At the same time, in the structure of assets, a 20.8% growth of basic
funds was registered (479.6 mln drams on July 1, 2004), the calculated
interests grew by 46.9% (20.9 mln drams), current accounts in banks by
4.9% (441.6 mln drams).

Provision of crediting grew by 9.9% in the second quarter and reached
2.2 bln drams, which was accounted for by an increase in the volume of
crediting of the agricultural sphere by 4.3%, trade sector by 0.5%,
financial sector by 205.2%, on consumer credits by 17.2% and other
branches by 40.6%, which totaled 312.5 mln drams. 110.8 mln drams,
74.5 mln drams. 862.6 mln drams and 234.5 mln drams, respectively. In
the crediting portfolio, a 10.8% decline was registered in the
crediting of the industrial sector, a 1.1% in the sphere of
construction, 4.2% in sphere of transport and communications, which
totaled 497.0 mln drams. 88.8 mln drams and 2.2 mln drams,
respectively.

The credits and receivables classified on risk groups increased by
4.9% in the second quarter of 2004, totaling 2.9 bln drams. As a
result, on July 1, in the structure of crediting portfolio, “standard”
credits totaled 89.8% or 2.6 bln drams, “controlled” credits – 5.7% or
164.3 mln drams, “nonstandard” credits – 1.7% or 50.3 mln drams and
“doubtful” credits – 2.8% or 81.6 mln drams. In the quarter under
review, some 59.6% and 4% was fixed on “controlled” and “standard”
credits respectively. While, some 9.7% and 0.1% decline was fixed on
“nonstandard” and “doubtful” credits, respectively.

According to data of the CB, by July 1, 2004, 7 credit orgnaizations
and 1 branch operated in the territory of Armenia. At the same time,
Express-Universal, SEF-International and Gladzor are universal credit
orgnaizations, ACBA-Leasing and Agrileasing – leasing orgnaizations,
Arfin – credit union and “First Mortgage Company” – mortgage credit
orgnaization.

Nalbandian Albert:
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