ARMECONOMBANK OJSC summed up the year of 2017 with significant achievements and considerable growth of key indicators ensuring the Bank’s consistent progress and the transition to the qualitatively new, more advanced stage.
S. Sukiasyan, the Chairman of the Board of ARMECONOMBANK OJSC, stated in his speech the following important facts:
‘’ 2017 was another year of progress for the Bank. The Bank’s management and the personnel ensured the program objectives both from the quantitative and qualitative point of view. We have recorded rather impressive results, which, anyway, does not mean that the Bank is fully satisfied with the aforementioned achievements. Attaching serious attention to the role of international reputable shareholder in the Bank’s further development, currently, we are negotiating with one of the biggest finance and credit organizations. I would prefer not to provide the details, as the negotiations have not ended yet’’.
Touching on the issue of dividends, S. Sukiasyan said, ‘’ We intend to pay dividends to our shareholders in this year too, which, we can say, has already become a good tradition at the Bank’’.
Aram Khachatryan, the chairman of the Executive board, made a speech as well. In his speech he emphasized that one of most important indicators of the efficiency of the Bank’s operations is the growth of the income by more than 2.5 times or by AMD 960.0 (amounting to AMD 1,550.4 mln.) as compared with the previous year which will promote the further steady development of the Bank and the efficient implementation of the developed promotional programs.
In the accounting year, the Bank’s assets increased by 30.5% amounting to AMD 190.8 bn., loans to customers grew by 38.9% and made AMD 104.2 bn. and liabilities to customers increased by 37.3% or by AMD 24.9 bn. to reach AMD 91.7 bn., due to the long-lasting strong cooperation between the Bank, its customers, and partners, which has developed on the healthy ground of mutual trust and benefit.
The Bank’s total capital has increased by 5.3% on the account of internal source.
A. Khachatryan stated that during the year under review the Bank invested a number of innovations in the field of modern technologies; several launched products were reviewed and improved and the scope of rendered services was replenished. The Bank optimized its territorial network by launching new branches equipped with necessary technical facilities.
In 2017 the mutually beneficial cooperation continued with international finance and credit structures and major foreign commercial banks and financial institutions
In particular, the year of 2017 brought closer cooperation with the Bank’s traditional partners such as European Bank for Reconstruction and Development (EBRD), German – Armenian Fund (GAF), Asian Development Bank (the latter granted the Bank with the ’’Leading Partner Bank’’ award for the third year in a row), Incofin Investment Management, BlueOrchard Microfinance Fund and SYMBIOTICS S.A. New significant business relations were established between the Bank and a number of reputable companies such as DEG (Deutsche Investitions- und Entwicklungsgesellschaft mbH).
Summarizing his speech, the Chairman of the Executive Board thanked the Bank’s customers, shareholders and partners for their trust and support and assured that the Bank would keep up its strong performance in the banking sector as a sustainable, reliable, and predictable institution.
As of 28 June 2018, ARMECONOMBANK OJSC’s total capital amounts to AMD 32.5 bn., regulatory capital makes approximately AMD 33.1 bn., total assets - AMD 200.6 bn., loan investments – AMD 130.1 bn., term deposits to individuals amounts to AMD 44.1 bn. and the income makes AMD 995.0 bn. The Bank has 49 branches throughout the RA territory and Artsakh.