ARMENIAN BANKING SYSTEM’S NET OUTFLOW TOTALS 15.5 BLN DRAMS

ARKA
May 15, 2008

YEREVAN, May 15. /ARKA/. Armenian banking system’s net outflow totaled
15.5bln drams (about $50/4mln). According to interim financial reports
of the first quarter (Q1) of 2008, demand balance and equal funds of
commercial banks amounted to 141bln drams on March 31, 2008 against
156.5bln earlier this year.

At the same time, net outflow of banking operations totaled 24.3bln
drams in the reporting period. Net outflow in investments was 3.9bln
drams, while net inflow amounted to 11.1bln drams.

Currency fluctuations had a positive impact (1.6bln drams) on cash
means and their equivalents.

In Q1, the VTB Bank (Armenia) ranked first among Armenian banks
with attracted funds and their equivalents which increased by 3.6bln
drams to 15bln drams. The Armimpexbank trails on 4.6bln drams (1bln
drams increase).

The HSBC Bank Armenia ranked number one with demand balance (19.1bln
drams), the Ardshininvestbank trailing on 18.9bln drams.

A recent analysis show that net outflow of 15 local banks totaled
21.3ln drams in Q1. Net positive flow of seven banks amounted to
5.8bln drams. ($1 – AMD 308.95)