FINANCIAL CRISIS HAS NOT AFFECTED THE ACTIVITY OF UCO NORVIK

ArmInfo
2009-03-05 20:01:00

ArmInfo. Norvik Universal Credit Organization, which has been operating
in Armenian market for 2 years and ensuring high profitability,
states its positive tendencies consolidated by considerable growth
in assets and total capital.

Executive Director of Norvik UCO Tigran Bostanjyan presented the
independent assessment of KPMG Armenia auditors, according to which
the net profit of Norvik for 2008 amounted to $4.8 mln, which is
twice as much as in 2007. According to him, this means that the crisis
phenomena have not affected the organization’s activity.

According to experts, the organization continues holding the leading
position among the credit companies of Armenia. As Bostanjyan said,
the company’s professionalism and introduction of new financial
services are the pledge of such success. He added that Norvik UCO’s
success is also conditioned by active launch of the special system
of client servicing "My Norvik" created at the website My.Norvik.am,
as well as by possible repayment of loans via internet.

According to the Ranking of Credit Companies of Armenia prepared by
the Agency of Rating Marketing Information (ArmInfo), as of Jan 1,
2009, the total capital of Norvik UCO amounted to about $10 mln,
assets – about $64 mln, provision of crediting exceeded $59 mln. The
annual growth of the total capital amounted to 66,4%, assets – 45,2%,
provision of crediting – 37,6%. By the main indices Norvik UCO holds
the leading position and ensures stable growth.

To recall, Norvik UCO founded in July 2006 by the Latvian-Icelandic
JSC Norvik Bank was registered as an UCO and licensed by the Central
Bank of Armenia early in July 2006.