ARARATBANK’S GROWTH HITS NEW HIGH IN 2007

ARKA
June 27

The Araratbank showed a record growth last year said CEO (Chief
Executive Officer) Ahot Osipyan during today’s first annual meeting
of the bank’s shareholders.

The bank’s average profit was 250%, thanks to which, the Bankers
Magazine called the Araratbank one of the fast-developing banks in
the region, Osipyan reported.

The bank’s assets increased by 247% from 7.142bln drams to 24.831bln
drams between 2006 and 2007, according to the CEO.

Credit investments totaled 9.168bln drams last year against 2.512bln
drams in 2006. "At present, the bank’s credit investments amount to
12.1bln drams," Osipyan said.

The Araratbank’s liabilities totaled 20.366bln last year against
3.249bln in 2006 with the total capital growth being 14.7% (from
3.9bln drams to 4.464bln drams between 2006 and 2007).

The CEO said the bank’s authorized capital increased by 12.3% to
3.640mln drams.

"The bank’s net profit totaled 232mln drams last year against 131mln
in 2006, and we plan reach some 2bln drams," Osipyan added.

The Araratbank last year established contacts with a number of foreign
financial organizations, according to the bank’s CEO.

"Last year, the bank and the European Bank of Reconstruction and
Development signed a $5mln worth credit agreement to support small
and medium business," Osipyan said. During the same period, the bank
and the Swiss Izmirlian Foundation implemented a co-financing program
on allotting $4mln worth business credits.

The Araratbank also participated in the KfW German Bank’s Development
of a Sustainable Market for Housing Finance in Armenia Program.

The bank had 24,000 customers as of end-May 2008 against 14,000 in
2007 and 3,000 in 2006, according to Osipyan.

Legal successor of the Armenian Communication Bank, the Araratbank
was established on September 2, 1991. The bank was licensed on October
31, 1996.

The bank was reorganized into an open joint-stock company last August
($1 – 302.06 drams).

From: Emil Lazarian | Ararat NewsPress