ARMENIAN BANKS’ NET PROFIT GROWS BY AMD 7 BILLION TO AMD 27 BILLION

ARKA
Dec 29, 2008

YEREVAN, December 30. /ARKA/. On Monday, Arthur Javadyan, chairman
of the Central Bank of Armenia, summarizing the results of 2008,
said the net profit of Armenian banks grew by AMD 7 billion in 2008
reaching AMD 27 billion.

"In 2008, Armenia’s banking system operated with the profit that grew
by AMD 7 billion, compared with 2007", Javadyan said.

According to the Central Bank’s preliminary data, assets of Armenian
banking system grew 33% to AMD 1.020 trillion.

22 commercial banks with their 367 branches functioned in Armenia as
of September 30, 2008.

Armenian banks’ aggregate assets amounted to AMD 954.1 billion,
total capital AMD 214.9 billion and liabilities AMD 739.2 billion by
late September.

Armenian banking system’s assets makes 27% of GDP.

The crediting of the economy reached AMDF 617.5 by late 2008 billion
against AMD 434.5 billion earlier this year. Of them, AMD 172.5
billion were consumer credits and AMD 81 billion mortgage loans. ($1=
AMD 308.01).

From: Emil Lazarian | Ararat NewsPress