by Erik Abrahamyan
In 2014 Areximbank-Gazprombank Group is expected to increase the loan portfolio to 98 bln drams, the Bank press-service told ArmInfo. According to the Progressive Development Program of Areximbank-GPB Group CJSC, which was approved by the shareholder, the bank will be waging conservative and balanced loan policy, maintain the high level of the loan portfolio and ensure high liquidity, as well as to boost SME financing and consumer lending. Thus, the bank plans to increase the corporate loan portfolio to 80.5 bln drams and personal loans to 17.5 bln drams.
The loan portfolio will be increased on the funds provided under international programs and at the expense of the local market resources. In 2013 the loans and other funds provided to the customers totaled 92 bln drams.
According to the Financial Rating of Armenian Banks prepared by ArmInfo, total capital of Areximbank- GPB Group for 2013 grew 27.4% to 21.4 bln drams. Net profits of the bank for 2013 totaled 475.9 mln drams. General obligations doubled totaling 212.1 bln drams due to the growth of call liabilities and time deposits (15%). Assets of the bank also doubled in 2013 reaching 233.5 bln drams. Areximbank-GPB Group was founded in 1998 to support entrepreneurships and serve financial flows between Russia and Armenia. In 2007 the bank became the subsidiary of Gazprombank OJSC, Russia. The bank entered the Armenian financial market with the growth of Russian investments in economy of Armenia and the needs of big corporate customers in full range of banking services.