Despite the challenges of 2020, the Bank concluded the year with a number of significant achievements and considerable growth of key indicators.
In accordance with the financial results of 2020, compared with previous year, the Bank recorded the following:
- Assets increased by 14.3% amounting to AMD 320.8 bn
- Loans to customers increased by 9.8% amounting to AMD 193.3 bn
- Bank’s liabilities increased by 15.7% amounting to AMD 279.2 bn
- Total capital increased by 5.4% (mainly on the account of the injections of new shares in the charter capital and the generated profit) amounting AMD 41.6 bn
- The profit increased by 44.2% amounting AMD 4.8 bn
It is notable to mention that the quality of the loan portfolio remained traditionally high as of the year end with only 1.34% share of NPL.
In 2020, the Bank attracted approximately USD 67.0 mln. from EBRD, KFW, BSTDB, FMO, ADB, SYMBIOTICS S.A., BLUEORCHARD FINANCE S.A and other leading international financial institutions to support MSMEs in Armenia.
In the accounting year, within the framework of state support programs conditioned by coronavirus pandemic, a number of measures were taken, particularly more than 65,000 individual customers were granted with credit holiday loan repayment schedules of more than 1,000 legal entities were changed and adjusted to conform with the customers’ cash flows.
When summarizing the results of 2020, the launch of several software systems, particularly the updated versions of “Online Banking” platform and “Mobile Banking” application aimed at modernizing the Bank’s service and enhancing the efficiency thereto, was pointed out. Over the previous year, the Bank’s branch network was expanded. Through implementing “ARTASHISYAN” and “KANAKER” branches bringing the total number of branches to 53.
“In future as well, the Bank is going to strengthen its position in all the sectors of the market participating in the process of economy development and stabilization remaining a reliable financial institution for our partners,” Mr. Aram Khachatryan, the Chairman of the Executive Board of the Bank, stated in his speech.
“In parallel with the development, the Bank remains loyal to its tradition of paying dividends and supporting various social programs,” Mr. Saribek Sukiasyan, the Chairman of the Bank’s Board, stated in his speech emphasizing the vital importance of implementation of effective corporate governance, internal control, and risk management thus contributing to the Bank’s growth and stable development”.
We are grateful to our customers, shareholders, and partners for their trust and support.
As of 29 the June 2021, the total capital of ARMECONOMBANK OJSC amounted to AMD 43.3 bn., regulatory capital - AMD 42.5 bn., total assets- AMD 338.7 bn., loan investments AMD 207.7 bn., term deposits to individuals amounted to approximately AMD 56.2 bn. and the profit amounted to more than AMD 1.2 bn. The Bank has 54 branches (including the Head Office) throughout the Republic of Armenia and Artsakh.