TOTAL INCOME OF AMERIABANK AND CASCADE BANK TOTALED AMD 654MLN DURING FIRST QUARTER OF 2010

PanARMENIAN.Net
April 22, 2010 – 17:21 AMT 12:21 GMT

Development Director of Ameriabank CJSC Tigran Jrbashyan reported
that the total net income of Ameriabank and Cascade Bank totaled AMD
654mln during the first quarter of 2010. "Ameriabank is the leader
of the Armenian banking sector by the rate of income growth," he said.

Mr. Jrbashyan also noted that the total capital of Ameriabank makes
22.3bln as of March 31, 2010, while the joint capital with Cascade
Bank amounts to 30bln, and the banks are the second in Armenia’s
banking system by this joint figure. The Development Director added
that the capital is continuously growing, taking into consideration
also the two banks’ income.

Summarizing the results of the first quarter of 2010, Jrbashyan said
that Ameriabank secured 136% annual increase of assets, bringing them
to 110.5bln that is the sixth figure among Armenia’s commercial banks.

At the same time, the bank’s liabilities amounted to 88.2bln, while
the joint liabilities of Ameriabank and Cascade Bank totaled 99bln.

"We expect the rates of this figure growth to continue, considering
some trends related to rehabilitation of the country’s economy,"
Jrbashyan added.

The credit portfolio of Ameriabank exceeded 60bln. The total credit
placements of the bank make 71.9bln. Meanwhile, the bank is among
leaders of the Armenian banking system by the growth rate of its
credit portfolio. The share of inoperative credits totaled 0.26%
during the first quarter, while the average index at the crediting
market makes 5-7%.

Besides, Jrbashyan reported that, due to Ameriabank’s cooperation
with international financial institutions, the bank manages to
successfully implement the programs planned in the energy field and
business crediting.