STEADY GROWTH RECORDED IN ARMENIA’S BANKING SYSTEM OVER PAST THREE
YEARS
YEREVAN, June 6. /ARKA/. Steady growth has been recorded in Armenia’s
banking system over past three years, Chairman of the Union of Banks
of Armenia (UBA) Samvel Chzmachyan stated at a business forum of the
Black Sea Bank for Trade and Development in Yerevan. According to him,
a 29% rise in assets of Armenia’s banking system was recorded in 2004,
totaling 740.6mln USD. Total capital increased by 45.4% amounting to
130mln USD. The UBA Chairman pointed out that liabilities totaled
612mln USD, increasing 25.6%, credit investments increased by 22.1%,
totaling 300mln USD, and the banking system’s net profit totaled 32mln
USD. Chamazhyan said that a 86% increase was recorded in the volume
of transfers through Armenia’s banking system (626mln USD). He added
that evidence of the banking system’s efficient activities is also the
ratio between the profit and assets, profit and internal capital,
which made up 5.2% and 33.5% respectively in 2004. He reported that
the liquidity index of Armenia’s banking system is quite high, 44.6%,
which is evidence of bank’s stable activities and reliability.
Chzmachyan pointed out that Armenia’s banking system is working in
conformity with a number of international standards, such as
accounting standards and banking supervision and activity transparency
requirements. P.T. -0–