THE BANKER: HSBC BANK ARMENIA BEST BANK OF ARMENIA 2007
ARKA
May 16, 2008
YEREVAN, May 16. /ARKA/. "The Banker" magazine recognized HSBC Bank
Armenia the Bank of the Year in Armenia in 2007.
HSBC Bank Armenia showed considerable growth in all business spheres
in the period: its net profit grew by 38.5% (up to $8.7mln) and assets
increased by 38.9% (up to $220.8mln), the bank’s press service reports.
The Banker points out that the bank has the largest amount of attracted
deposits and assets.
According to the report, HSBC Bank Armenia has intensified commercial
lending, particularly consumer loans, car loans and mortgage. In
2006-2007 the bank started offering new services – credit cards,
renewable credit lines, and etc.
HSBC Bank Armenia closed joint stock company – a daughter bank of HSBC
Banl plc – was registered on September 25 1995. HSBC Bank plc owns 70%
of the shares of HSBC Bank Armenia with the remaining 30% belonging
to foreign Armenian investors. The bank has 10 branches in Yerevan.
Currently HSBC Bank Armenia is among the leaders in terms of basic
indicators of banking activities. Particularly, the bank ranks fourth
in terms of the total capital by the end of the first quarter, second
– in terms of assets and the third in terms of credits extended and
other borrowings. As regards deposits attracted from individuals and
legal entities the bank is the leader among other banks and ranks first
also in terms of retained balance income on the capital account. The
bank ranks third in terms of profit.
The bank’s assets had totaled 101.1bln drams and the banks’ capital
had totaled 12.6bln drams by March 31. The bank’s profit was 841.3mln
drams in the first quarter and the balance profit was 9.6bln drams
on the capital account. ($1=307.58drams).