ARARATBANK’S NET INCOME COMPRISED OVER USD 200 000

/PanARMENIAN.Net/
03.07.2009 20:22 GMT+04:00

/PanARMENIAN.Net/ "According to preliminary data, Araratbank’s net
income comprised over USD200 000," Araratbank CEO Ashot Osipyan. "The
progress is obvious. Naturally, we’d like to see a greater growth,
yet it’s impossible, under circumstances," he said.

According to Osipyan, the bank has opened 4 subsidiaries within the
last 6 months, investments were increased. "Bank’s capitalization is
being increased, the growth is provided and shareholders are receiving
profits," he noted.

"In crisis circumstances, many banks are uniting to easier overcome
financial crisis consequences. "We’re ready for such consolidation,
as it’s a normal process. Purchase of another financial organization
is on bank’s agenda," Ashot Osipyan said.

Araratbank was established as a result of the reorganization of Haykap
Bank, operating on Armenian financial market since 1991.

Araratbank was reorganized into closed joint stock company in
September, 2005.

Araratbank is functioning as an open joint stock company since
August, 2007.

Araratbank is a member of the Union of the Banks of Armenia; it is a
partner of the Ministry of Finance and Economy of RA in the area of
management of the internal national debt.

Araratbank has been government’s agent since 2007 in the field of
management of the national debt of RA in the primary and secondary
markets; it provides services to 40 customers – both individuals and
legal entities.