VTB BANK ARMENIA NET INCOME COMPRISED AMD 2,9 BILLION IN 2008

PanARMENIAN.Net
29.04.2009 20:47 GMT+04:00

/PanARMENIAN.Net/ In 2008 VTB Bank Armenia net income comprised AMD
2,9 billion against AMD 0,8 billion in 2007, VTB Bank Armenia Director
General Valeri Ovsyannikov told a news conference on Wednesday.

"Despite difficulties world economy faced in 2008, VTB Bank Armenia
had a significant income," VTB Bank Director General stated.

According to him, in 2008 bank’s credit portfolio was increased by
73% to comprise AMD 70,8 billion, which is a result of major client
inflow and implementation of new credit programs.

As per 2008 results, clients investment assets comprised AMD 27,4
billion, and time deposit volumes grew by 33%, compared to 2007,
comprising AMD 14,5 billion.

Net operating income comprised AMD 9,1 billion in 2008, increasing
78%-79% compared with 2007 results, he said.

Up to June 20, 2006 VTB Bank (Armenia) has operated under the name
"Savings Bank of the Republic of Armenia." Armsavingsbank was founded
in 1923 with an aim to render banking services, particularly to
attract savings and grant consumer loans. Since April 2004 one of the
RF leading banks, Vneshtorgbank, became the shareholder of over 70%
of Armsavingbank shares, thus Armsavingsbank became integrated into
the network of Vneshtorgbank subsidiaries operating worldwide. In
June 2006 Armsavingsbank was renamed to "VTB Bank (Armenia)" CJSC.

In July 2007 VTB acquired 30% less one share from "Mika Armenia
Trading" LTD company and became the sole shareholder of 100% shares
of its subsidiary in Armenia, "VTB Bank (Armenia)" CJSC.

Activity Program of "VTB Bank (Armenia)" envisages further expansion
of Armenia`s economy financing. In subsidiary bank development program
it is intended to achieve 20% of corporate clients lending market,
and 15% in the sphere of funds attraction from legal and physical
persons. Beside, the Bank constantly renews the range of services
offered to retail business customers and enlarges its activities in
most diverse spheres of business, from small enterprise servicing to
expansion of collaboration with major corporate clients.

Bank has 78 branches, 984 employees.