ARMENIA’S VTB BANK RECORDS 3.2% TOTAL CAPITAL GROWTH IN 1ST Q, 2008
ARKA
April 29, 2008
YEREVAN, April 29. /ARKA/. The total capital of VTB Bank Armenia
in 2008 increased 3.2% and reached AMD 21.4bln, Valery Ovsyannikov,
Director General of VTB Bank Armenia, told reporters. The net profit
of the bank totalled AMD 624mln for the first three months of this
year ensuring close to 390% growth as compared to the last quarter of
2007. The business plan of the bank for 2008 stipulates a four-fold
profit growth, Ovsyannikov said.
The Bank added over $20mln to its authorized capital in late 2007
in order to enhance finances for corporate clients. At the moment,
the shareholders are not planning to increase the authorised capital
further, but may increase the volumes of financing.
VTB Bank Armenia (formerly Armenian Savings Bank) was founded in
1923. It used to be part of the USSR State Savings Bank before
1993. 100% shares of the VTB Bank Armenia belong to Russian VTB.
As of March 31 2008, the bank’s assets totalled AMD 84bln, total
capital – AMD 21.4bln, authorized capital – and AMD 13.9bln. The
ban’s profit was AMD 624,3mln in the first quarter of 2008 and the
unappropriated retained profit totalled AMD 2.9bln.
VTB Bank Armenia has the widest branch network in Armenia – a total
of 89 branches operating in Yerevan, all the other region of Armenia,
and in NKR ($1 – AMD 308.17).