PROCREDIT BANK’S CREDIT PORTFOLIO GREW LAST YEAR BY $10 MILLION TO $33.6 MILLION

ARKA
Feb 25, 2010

YEREVAN, February 25, /ARKA/. ProCredit Bank said today its credit
portfolio grew last year by $10 million to $33.6 million. In an
interview with ARKA news agency its executive manager Bertold Herzfeld
said against the backdrop of expectations that the economic situation
is going to improve this year the bank expects the demand for credits
to rise.

He said the amount of outstanding credits with more than 30 days last
year was less than 3 percent.

‘It is a good figure and we think we have succeeded in correctly
analyzing the needs of our clients and provide them with loans they
sought,’ he said.

He said the bank is working now to help those of its clients who
suffered from the crisis. ProCredit bank offers loans in Armenian
Drams at 16-18% interest rate and in USD at 13-16% interest rate. He
said the interest rates are not going to change any time soon.

ProCredit Bank said earlier that its assets last year grew by 66%,
and the amount of individual deposits to $18.3 million. The bank said
it has also 9,700 customers. The shareholders of ProCredit Bank are
ProCredit Holding AG, the majority shareholder, with a 66.66% stake;
KfW, which holds 16.67% of the shares; and the EBRD, which holds 16.67%
of the shares.

ProCredit Bank in Armenia is part of the ProCredit group, which
consists of 22 financial institutions in Eastern Europe, Africa,
and Latin America.

According to ARKA’s data, at the end of 2009 ProCredit bank’s assets
totaled 17 billion Drams, liabilities – 11.5 billion Drams, aggregate
capital – 5.5 billion Drams, credit investments – 12.3 billion Drams,
liabilities towards clients – 6.7 billion Drams. It earned 41.9
million drams in net profits last year. The bank has eight branches.

($1-378.52 Drams).

From: Emil Lazarian | Ararat NewsPress