OVERALL BALANCE CAPITAL OF ARMENIAN CREDIT INSTITUTIONS GROWS BY 7.9%
IN FIRST QUARTER OF 2008

YEREVAN, MAY 6, NOYAN TAPAN. 21 credit institutions with their 40
branches operated in Armenia as of March 31, 2008. According to data of
the Central Bank of Armenia (CBA), their actual authorized fund made
11,458,300 thousand drams (over 37 mln 296 thousand USD) on the
indicated date, growing by 4.8% in the first quarter of 2008. The
overall balance capital of the credit institutions made 13,434,307
thousand drams as of March 31, 2008, increasing by 7.9% in the first
quarter.

The overall liabilities of Armenian credit institutions made 35,339,991
thousand drams as of March 31, 2008, growing by 14.3% in the first
quarter of 2008. The same indices with respect to overall assets made
48,774,298 thousand drams and 12.5% respectively.

Standard credits and debts made up 97% of the credit institutions’
credits and bills receivable of a total of 46,271,641 thousand drams as
of March 31, 2008.

The total amount of credits, deposits, as well as sums provided by
leasing and factoring by the credit institutions to residents made
44,811,697 thousand drams as of March 31, 2008, growing by 13.2% in the
first quarter. Sums provided to industry made 4,610,900 thousand drams
(1.1% growth in the first quarter), sums to agriculture – 5,292,911
thousand drams (37.9% growth), to construction – 2,806,102 thousand
drams (49% growth), to transport and communication – 2,297,184 thousand
drams (45.3% growth).

Sums to trade made 8,446,601 thousand drams, growing by 12.9% in the
first quarter of 2008. 1,368,917 thousand drams was alloctaed to the
financial sector of the economy (10.6% growth), while consumer credits
made 7,210,875 thousand drams (2.1% growth). Sums to mortgage crediting
made 4,928,883 thousand drams (8% growth), to other sectors – 7,849,324
thousand drams (6.4% growth).

The gross incomes of the credit institutions made 3,056,123 thousand
drams in the first quarter of 2008. During the indicated period, their
gross expenditures amounted to 2,337,917 thousand drams, while net and
undistributed profits made 262,496 thousand drams.