ARMECONOMBANK’S PROFIT GROWS BY 30.4% IN 2006 ON PREVIOUS YEAR

Noyan Tapan
Jun 15 2007

YEREVAN, JUNE 15, NOYAN TAPAN. 2006 was a successful year for
Armeconombank in terms of achieving a stable growth of its main
indices, increasing the volume and range of provided services
and expanding the cooperation with international financial
organizations. The bank’s chairman Davit Sukiasian said at the June
15 annual meeting that last year Armeconombank’s profit grew by 30.4%
on 2005 and made 1 billion 571 million drams (about 4.5 mln USD),
its overall capital – by 21.3% to 6.1 billion drams.

According to him, 2006 was most efficient from the viewpoint of
expanding plactic card services. Occupying almost half the market of
ArCa plastic cards, the banks provided about 13,100 cards in 2006,
increasing their total number to more than 40,900. The bank currently
services nearly 46.4 borrowers, it has about 2,000 depositors.

The speaker noted that Armeconombank is the only Armenian bank to
have 1,430 shareholders and has paid dividents to its shareholders
for the fifth consecutive year.