HSBC Bank Armenia profit up 40% in 2011

 March 5, 2012 - 12:13 AMT

PanARMENIAN.Net - HSBC Bank Armenia CJSC pre-tax profit totaled AMD 8.3bn, increasing by AMD 2.4bn (40%) compared with 2010, according to the bank’s chief financial officer.

As Gevorg Tarumyan told a press conference on March 5, total assets grew by AMD 34bn or 23.5% to amount to AMD179bn, gross customer loans increased by 25.7% or AMD 22bn to AMD 108bn, with the corporate loan portfolio growing by 34% to AMD 86.5 bn.

According to the bank’s chief financial officer, customer deposits increased by AMD 13bn or 14.4% to total AMD 120bn during the reporting period.

Mr. Tarumyan further noted that the dividends paid during 2011 grossed AMD 1.1bn., with paid taxes increasing by 145% to total AMD 2.9bn.

The banker said that HSBC Bank Armenia CJSC currently has rather high liquidity level and conducts monthly stress tests.

Dwelling on Internet and telephone banking services, Mr. Tarumyan favored the growth in number of those service users in Armenia, the figure rising from 15 500 to 22 800 starting 2010.

HSBC Bank Armenia CJSC has received high awards by such leading international publications as The Banker and Global Finance.