OREANDA-NEWS. June 29, 2009. The outcomes of Armeconombank’s accounting year evidence the Bank’s steady position as a system builder in Armenian banking circles, and the 24.3% growth of average market price of bank shares against the previous year is one of the vivid proves to this fact, reported the press-centre of Armeconombank.

The efficient strategy of the bank’s development in accordance with corporate governance principles, was marked by a number of important achievements, essential qualitative movements and significant expansion of cooperation with International financial Institutions.
Among notable events of the accounting year the most important are:

EBRD recognized the Bank as the most active issuer Bank in the Republic of Armenia in the sphere of documentary operations under EBRD’s TFP.

AmRating/GlobalRating rating agency assigned the Bank a “BB+” credit rating by presage of “possible rise”.

For the first time in the Republic of Armenia The Bank along with ArmenTel opened a customer phone service centre (call center).

A specialized microfinance centre was opened.

“Zeytun” branch began functioning.

Armeconombank joined “Blizko” payment system.

The Bank and the Black Sea Trade and Development Bank signed a USD 5.0mln. Loan Agreement, which was on-lended to small and medium-size business.

As during the previous 5 years this year too the bank has paid dividends to its shareholders. In accordance with the bank’s adopted dividend payment policy implies dividends payment from 2008 annual proceeds by 10% profitability per annum.

During 2008 the bank’s key development indicators in their average have grown against the same of 2007:

Total equity by 12.2%, amounting to AMD 8.6bln.

Loan investments by 10.1%, amounting to AMD 26.5bln.,

Net income from rendered services by 4.9%, amounting to AMD 969.3mln.

The accounting year was more efficient for expansion of plastic card services. With significant niche in the ArCa plastic cards’ market the Bank has extended its customers around 20.150 local and International cards, thus the aggregate number of extended cards reached 62.895. As to current year development trends of the Bank the Bank management states with pleasure that nothwithstanding the International Financial-economic crisis and the tension of the country’s political and economic environment, the confidence of customers towards the Bank continues to grow, and this is evidenced by significant increase in a number of the Bank’s indicators recorded during the first 5 months of 2009. Particularly the following indicators have increased:

Time deposits attracted from Individuals by 8.3%, forming AMD 5.4bln.,

Deposits attracted from legal entities by AMD 1.5bln. or 54.8%, forming 4.3bln.,

The number of local and International plastic cards by 6,370n or 10.1%, forming 69.265 cards,

As a result of above mentioned developments the number of customers has increased by 18,501 or 34.8%, forming 71.680 customers, against 53.179 at the end of 2008.