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Armenia's Foreign Ministry: No Armenian citizens on board of the Malaysia Airlines passenger plane Boeing 777 that crashed in Ukraine

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VTB Bank (Armenia) increases statutory capital to 20.8 bln drams through additional issue of shares

  • by Erik Abrahamyan

  • Saturday, March 22, 11:18

The statutory capital of VTB Bank (Armenia) has been increased to 20.8 blnb drams through additional issue of shares, the bank's press-service told ArmInfo.  This month the bank issued shares in the amount of 7 bln drams. VTB Bank OJSC acquired the issue entirely, but its share in VTB Bank (Armenia) was left unchanged.

"The capitalization will allow retaining the growth rates, even more increasing the loan portfolio and expanding the branch network. The sustainable growth of the Bank was reflected also in the key figures for 2013. Thus, as of Jan 1 2014 assets of the bank totaled 303.6 bln drams with a 42.5% annual growth (or by 90,5 bln drams). 75% of total assets are credit exposures, which grew 33% for 2013, " says Yury Gusev, Director General-Chairman of Board of VTB Bank (Armenia).

"The increase in the statutory capital of the bank will not only strengthen the bank's leadership positions by active operations, but also allow the bank gain leadership position by the total capital. At present, a new development strategy of VTB Group is being developed, which will determine the development plans also for the subsidiaries, including VTB in Armenia," says Mikhail Yakunin, Senior Vice President, Head of the Department for Subsidiaries of VTB Bank, Chairman of the VTB Bank (Armenia) Board.

According to the Financial Rating of Armenian Banks prepared by ArmInfo, VTB Bank (Armenia) is the leader by credit exposures. The share of the bank's loan portfolio in assets is nearly 76%. Over 61% of the total loan portfolio is loans to economy sectors and nearly 39% are retail loans, with an annual growth of 37% and 33%, respectively.

The bank is among Top Three banks of Armenia in terms of loans to economy sectors and personal loans. The bank has leadership positions also by trade finance, industrial agricultural, construction loans, SME finance and consumer loans.

In 2013 the bank doubled lending to the industrial and construction sector, increased lending to the agricultural sector by 85%, trade

finance- by 19%, SME finance - by 52%, consumer lending - by 38%. VTB Bank (Armenia) is among TOP Three banks in terms of time deposits -106.5 bln drams (nearly 41% of total liabilities) with a 47% growth for 2013. In the structure of time deposits, personal loans make up nearly 80%, with a 43% annual growth of the absolute indicators. Total capital of the bank grew 24% in 2013 to 37.5 bln drams, with the statutory capital totaling 13.9 bln drams. In 2013 the bank received

4.9 bln drams profits, which was 28% more than in 2012. The bank retains the leadership position also by the given indicator.

VTB Bank (Armenia) CJSC joined the financial group VTB in April 2004.

At present VTB Group holds 100% stake in VTB Bank (Armenia). The Bank has the largest branch network - 67 branches, including 44 in the regions of Armenia.

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