The Financial, Georgia
Dec 27 2007

Tigran Sarkisian stated that in 2007 `unprecedented growth indices’
were reached in the banking syst
27/12/2007 12:34

The FINANCIAL — According to Banks.AM, in 2007, `unprecedented
growth indices’ were reached in the banking system of Armenia.

Mediamax reports that the Chairman of the Central Bank of Armenia
Tigran Sarkisian said this, speaking on December 26 during the
traditional pre-holiday reception for the bankers. According to the
CB Chairman, the volume of growth of the banking sector of Armenia in
the 2007 made 40%. Tigran Sarkisian highlighted the fact that the
Armenian banks this year reached `unprecedented profitability
indices’.

The gross growth of credits in 2007 made 72%, and the volumes of
mortgage crediting doubled, as compared to 2006, Tigran Sarkisian
stated.

CB Chairman noted that credit organizations demonstrated even more
impressive speeds of growth in 2007. If the assets growth in the
banks made 40%, the credit organizations registered the given index
at the level of 100%.

Tigran Sarkisian described as `unprecedented’ the volumes of external
loans of the Armenian banks as well, which in 2007 made 82bln drams.

CB Chairman noted that in 2007 the profit of the Armenian insurance
companies doubled, and the volumes of commitments grew for 24%.
Tigran Sarkisian highlighted the processes, related to the
development of the securities market – the signing of an agreement of
the Swedish OMX on purchasing the Armenian Stock Exchange and the
Central Depository and the issue of bonds by a few large Armenian
companies. According to Tigran Sarkisian, basis is established for
making the year of 2008 `a decisive one’ as concerning the
development of the capital market of Armenia.