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Regional

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

  • by Erik Abrahamyan

  • Monday, July 21, 22:46

 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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