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Parliament's extraordinary sitting on the law on amending the Law on Turnover Tax has not taken place due to RPA's boycott

Orange Foundation and Armenian Eye Care Project launch a joint online campaign to help children to fight blindness

Armenia ranked 78th in World Press Freedom Index 2014 of Reporters Without Borders

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Open Day to be held at UWC Dilijan on October 5

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Turkish Construction Company launches activity in Armenia

Turkish journalists who urge apology for Armenians receive letters with threats

Air Armenia becomes regular air carrier from Novosibirsk to Yerevan

Sellers in Gyumri also protest against the new turnover tax

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ACBA-Credit Agricole Bank creates ACBA Business Partner sub-brand

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Turkish intellectuals urge apology to Armenian students

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Presidents of Russia and Azerbaijan to discuss Karabakh peace process

Finding mixture of ~300,000 year-old stone tools in Armenia challenges hypothesis that technique's appearance in Eurasia was result of expansion of hominins from Africa

Cemil Cicek says parliaments of other countries have no right to recognize Armenian Genocide in Ottoman Turkey

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Authorities of Artsakh are ready to transfer saboteur's body to Azeri authorities

Oppositionist: I congratulate you on defeat of the authorities

Rostelecom modernizes its network

Turkey returns 42,000sq m land lot to "Surb Prkich" Armenian Fund

Oppositionist: Surik Khachatryan's appointment as governor of Syunik region is a slap in the face of the Armenian society

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ANC Representative: Constitutional reforms aim to ensure life-term power for Serzh Sargsyan

Parliamentary commission delays discussion of the draft decision on recognition of the NKR by Armenia

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Manvel Sargsyan: The myth of Russia's importance for Armenia is based on the formula "We will defend you"

OSCE MG Co-Chairs and Armenian and Azerbaijani FMs discuss preparations for high-level meeting in Paris

Parliament opposition finishes its today's rally with calls for Armenian President's resignation

Azeri President signs an order on some security measures on Line of Contact of Azeri and Armenian troops

Vartan Oskanian: Hovik Abrahamyan Government is falling short of expectations

Areximbank-Gazprombank Group's profit increases by 56.1% and capital grows to 21.9 bln AMD

  • by Erik Abrahamyan

  • Monday, July 21, 17:46

 In the first half of 2014, Areximbank-Gazprombank Group's net profit totaled 547.6 mln AMD (up 56.1% versus Jan-June 2013). The press service of the Bank has told ArmInfo that this financial achievement increased the Bank's total capital by 2.6% to 21.9 bln AMD in Jan- June 2014. 

The source says that as of 1 July 2014, the Bank's assets amounted to 146.5 bln AMD. In the structure of the assets, the share of lending made up 56.4% or 82.6 bln AMD, including over 68 bln AMD in corporate loans and 14.6 bln AMD in personal loans. 

According to the Express Ranking of Armenian Banks prepared by the Agency of Rating Marketing Information (ArmInfo), Areximbank-Gazprombank Group is ranked 8th in the banking sector of Armenia in terms of assets and total capital, and it is ranked 9th in terms of lending. The Bank's total capital increased by 27.3% over the year due to the tangible growth in profit and 33.2% increase in the authorized fund). In July 2013 the Bank's authorized capital was raised by 4.105 bln AMD to 16.452 bln AMD at the expense of the sole shareholder - Gazprombank (Russia). 

The Bank is ranked 6th in terms of authorized capital. In Q2 2014 alone, the net profit of Areximbank- Gazprombank Group amounted to 258.6 mln AMD (up 26.3% versus Q2 2013). The Bank reduced spending by 1.8% and increased revenues by 1.9%, which resulted in 54.3% rise in the pretax profit. The share of interest income makes up over 77%, with the share of non-interest expenditure being more than 41%. The Bank is ranked 11th in terms of revenues and 10th in terms in spending. On 30 June 2014 the AMD/USD exchange rate was 407.28 AMD/$1.

To remind, Areximbank-Gazprombank Group was founded in 1998. Gazprombank (Russia) has been its sole shareholder since 2007. 

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