Chairman of the Union of Banks of Armenia assessed 2011 as a productive year with stable growth recorded in Armenia’s banking system.

According to Ashot Osipyan, total capital of the Armenian banking system increased by 14% (AMD 44,8 bln.) to total AMD 375 bln.

“Growth momentum shows that capital increase was ensured at the expense of surge in profit as well as at the expense of shareholders’ investments at the amount of AMD 30 bln.,” he told a resulting press conference on February 21.

Mr. Osipyan noted 32,3% (AMD 506,6 bln.) growth in assents of the Armenian banking system, with commitments also increasing by 37,3% (AMD 461 bln.) to total over AMD 1,6 trillion.

In terms of deposits, 36% (AMD 276,5 bln.) increase was registered in the system at the expense of means provided by both legal and physical persons. 34% growth was observed in the volume of credit investments which grossed over AMD 1,3 bln. by yearend. According to the banker, significant funds were aimed at financing trade, agriculture, construction as well as fields of industry sector.

Dwelling on return on assets (ROA) indices in 2011, Mr. Osipyan noted that it totaled 2,36%, with return on equity (ROE) rate grossing 12,55%.

Summarizing outcomes of 2011, chairman of the Union of Banks of Armenia noted risk management as the key task of the banking sector.