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Assets Of VTB Bank (Armenia) Grow 22.7% Over 1st Q To AMD 84.9bln

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  • Assets Of VTB Bank (Armenia) Grow 22.7% Over 1st Q To AMD 84.9bln

    ASSETS OF VTB BANK (ARMENIA) GROW 22.7% OVER 1ST Q TO AMD 84.9BLN

    ARKA
    April 30, 2008

    YEREVAN, April 29. /ARKA/. Assets of VTB Bank (Armenia) has grown
    22.7% over the first quarter to AMD 84.9bln, Valery Ovsyannikov,
    general director and chairman of the directorial board of the bank,
    said on Tuesday.

    "The bank's credit portfolio reached AMD 45.1 billion after growing
    12% over the quarter and liabilities totaled AMD 63.5 billion after
    rising 31%", he said.

    Ovsyannikov said that the bank ranked seventh to ninth on various
    indicators in the previous year. Shareholders were unhappy about such
    a result.

    However, later that year and earlier this year the bank firmly occupied
    the 4th position on assets, credit portfolio and liabilities.

    Ovsyannikov said if things keeps running this way, the bank will be
    among three leaders by late 2008.

    VTB Bank Armenia (former Armenian Savings Bank) was established
    in 1923.

    Russian VTB Bank is the only shareholder of VTB Bank Armenia.

    The bank's assets totaled AMD 69.1 billion, credit portfolio AMD 40.2
    billion and liabilities AMD 48.4 billion.

    VTB Bank Armenia has 89 branches in Armenia, provinces and
    Nagorno-Karabakh Republic. ($1 = AMD 308.17).
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