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Six American States Adopting a Joint Resolution on Armenian Genocide Centennial

Political Analyst: Process of International Recognition of Armenian Genocide to be Expanded

Cem Terzi: Turkish Society Ripening for the Recognition of Armenian Genocide

Expert: April 24 Showing Scientific and Political Consensus on the Indisputability of the Armenian Genocide

U.S. State Department Representative Does not Know If the U.S. Fear Turkey

Mayor of New York commemorates centennial of Armenian Genocide - "one the worst atrocities of the 20th century"

European Movement adopts a resolution on Armenian Genocide

Ankara: Turkish nation will not forget and forgive Joachim Gauck's statements

Hollande and Aliyev discuss Karabakh conflict

Official Ankara criticizes Obama's stand on events of 1915

The Kremlin: Putin's participation in memorial events in Yerevan cannot be negatively interpreted by Ankara

Eiffel Tower and Coliseum went dark in memory of Armenian Genocide victims

Ankara strongly criticizes Francois Hollande's visit to Yerevan

Central Council of Jews in Germany advocates calling events of 1915 genocide

Ankara's Second Response to Putin's Statement on the Recognition of the Armenian Genocide

Vladimir Putin: Armenia and Russia Have Always Been, Are and Will Be Close Allies

Knesset Member Criticizing Israeli Government for Denying Armenian Genocide

Georgian Armenians Demonstrating in Front of Turkish Embassy in Tbilisi

Canadian Prime Minister Calling upon Yerevan and Ankara to Resume Negotiations on Normalization of Relations

Serzh Sargsyan: Ankara made vein attempt to resist or affect larger process related to recognition of genocide

First Commemorative Demonstration on the Armenian Genocide to Take Place in Rome since 1975

Erdogan: Turkey shares Armenians' pain

President of Armenia: I refuse to believe that transitory interests can shatter humanity's dreams of freedom and peace cherished for centuries

Serzh Sargsyan: "Turkey's proposal of establishing the so-called commission of historians has only one goal, which is to delay the process of the Armenian Genocide recognition"

Turkey's Labor Party (EMEK) and some local human rights organizations condemn Genocide of Armenians

Russian expert: Putin's participation in Armenian Genocide Centennial events not to edit Moscow's geopolitical maneuvering

Vladimir Putin: 1.5 mln Armenians were killed, 600 thsd were deported, unique historical monuments and invaluable books and manuscripts were destroyed in 1915

Serzh Sargsyan: "We are ready to embark upon a constructive dialogue with Turkey in case it faces its own history"

Francois Hollande: World community must remember Genocide to prevent it in future

Serbia President: "We have no moral right to forget the Armenian Genocide victims and the shocking facts of the past"

ANCA: Sad spectacle of President Obama playing word games with genocide falls beneath dignity of American people

Foreign Minister of Armenia: German President's statement important contribution to prevention of new genocides

Serzh Sargsyan: Armenia has never declared any territorial claims either to Turkey, or to any other country

Armenian president's interview with Hurriyet: "Turkish authorities taking burden of responsibility for crime perpetrated by authorities of Ottoman Empire"

Presidents of Russia, France, Serbia, and Cyprus arrive at Armenian Genocide Memorial in Yerevan

Google.am honors memory of Armenian Genocide victims

High-ranking representatives of various countries 'forming' a forget-me-not of peace near Armenian Genocide Memorial in Yerevan

Serj Tankian calls on Armenia's leadership to create egalitarian civic society, to get rid of institutional injustices and stop depopulation of Armenia

Obama breaks his word again

Founding Parliament Movement looks to change power in Armenia

Vladimir Putin arrives in Yerevan to commemorate Armenian Genocide martyrs

Bulgarian MP: Bulgaria has refused to discuss the draft resolution on Armenian Genocide under Ankara's pressure

Congressman Schiff Reads Names of 1,000 Armenian Genocide Victims on House Floor

Nalbandian: Recurrence of genocides in XX century was result of international community's hesitation and inconsistency

Cardinal Curt Kokh: Faith Helped Armenians Survive the First Genocide of 20th Century

Turkish Politician: Turkish Society Desires the Opening of Borders with no Preconditions

Ankara responds to Austria's resolution recognizing Armenian Genocide

Ambassador: German Policy Cannot be Affected by Phone Call from Turkey

Deutshe Welle: German parliament's decisiveness and new debate about term "genocide" gained momentum thanks to Pope Francis and President Gauck

System of a Down starts a concert in Yerevan in heavy rain

Anelik Bank intends to replenish its capital by 1 bln AMD by late 2014 and start the year 2015 with profit

  • by Siranush Manucharyan

  • Thursday, September 4, 01:32

Anelik Bank intends to replenish its capital by 1 bln AMD by late 2014 and start the year 2015 with profit, Nerses Karamanukyan, Chairman of the Board of Anelik Bank, has told ArmInfo when commenting on the Bank's plans to start operating at a profit.    

According to the Financial Rating of Armenian Banks prepared by the Agency of Rating Marketing Information (ArmInfo), as of 1 July 2014, the accumulated loss of Anelik Bank amounted to 2.3 bln AMD, the net loss in the first half year 2014 totaled 810.5 mln AMD (307.1 mln AMD in Q2 alone). The Bank's loss quarterly dropped by almost 40%, and in the first half 2014 the loss declined almost 2-fold as compared with the first half 2012. As soon as CreditBank S.A.L. (Lebanon) became the sole owner of Anelik Bank (in September 2013 the Lebanese bank's stake increased from 89.95% to 100%), it decided to boost the retail services and SME lending in Anelik Bank's activities. The Bank actively launched retail credit products, including card products on attractive terms and with a facilitated procedure of provision.  This process is still underway and the Bank's products enjoy a big demand. As of 1 July 2014, Anelik Bank took the lead in annual and quarterly growth rates of retail lending - 20-53%. This allowed the Bank to come close to the top ten banks in Armenia. Along with this, Anelik Bank is quite successfully carrying out its plans on boosting the SME lending. In the first half 2014 the Bank increased the SME lending by 84.3% (33-38% quarterly growth). The maintenance of such high growth rates in these dimensions gives grounds to suppose that the Bank will manage to zero its accumulated loss and start operating at a profit not only due to the upcoming capitalization, but also due to the growth of revenues in the balance sheet as a result of active lending. It is also noteworthy that Anelik Bank is implementing a strategy on expansion of its branch network. 

Earlier Nerses Karamanukyan pointed out that the successful implementation of the tasks would allow Anelik Bank to considerably improve its positions and join the top five within the next few years. The management of CreditBank S.A.L., in turn, expressed willingness to help Anelik Bank in every possible way to improve its positions and gain a foothold on the list of Armenia's leading banks. 

To recall, CreditBank S.A.L. (Lebanon) announced its joining Anelik Bank's capital in February 2009. In June 2009 it acquired 51% of the Bank's shares. As a result, the share of each of the previous four shareholders dropped from 25% to 12.25%. Afterwards, in Q2 2011 one of the shareholders withdrew from Anelik Bank's capital and the Lebanese bank's stake grew to 69.5%. In Q3 2012 CreditBank S.A.L.  increased its stake to 89.95%. In October 2013 the Lebanese bank's stake rose from 89.95% to 100%, and retail services and SME lending became the priorities in the Bank's activities. Credit Bank, which has been operating in the financial market of the Middle East for over 30 years, has assets worth almost $2.5 bln and 20 branches in Lebanon. 
To note, as of 1 July 2014, the total capital of Anelik Bank amounted to 12.3 bln AMD, assets - 69.2 bln AMD, lending - 47.4 bln AMD (68.5% of the Bank's assets), liabilities - 56.9 bln AMD. The share of time deposits was 56.9% or 32.4 bln AMD, with over 85% of this amount being the funds of individuals. Anelik Bank participates in almost all the international credit programs being implemented in Armenia via the banking system, as well as in the state programs subsidized by the Armenian Government. Anelik Bank was the first in the card market of Armenia to launch and service Visa and MasterCards simultaneously with the local cards.

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