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Thursday, September 19, 2019

Ardshininvestbank releases 2013 financial results

Armenia's Ardshininvestbank recently published its preliminary 2013 financial results, showing sustainable growth for the year.

The bank has strengthened its position among the top three in the industry by all key indicators, the results found.

Net income increased by 53.6 percent to $160.2 million, assets grew by 36.4 percent to $667.9 million, its loan portfolio increased by 31 percent to $434.0 million, customer funds grew by 33.9 percent to $377.6 million and total capital increased by 23.3 percent to $108.9 million.

As a result of deepening cooperation with international financial institutions, during 2013 the bank managed to attract additional long term resources of non-treasury origin from World Bank Business Capital ($10.0 million), Asian Development Bank ($6.0 million), Atlantic Forfaitierungs ($3.93 million), Citibank ($2.3 million), Rosselkhozbank ($1.2 million) and Landesbank ($.07 million).

At the end of 2013, the quantity of permanently active customers increased by 19.4 percent to approximately 221,000 customers.

The sustainable growth of the bank was recently affirmed by Moody's Investors Service, which raised the outlook of the Bank's ratings to "stable."