Yerevan /Mediamax/. “HSBC Bank Armenia” is leading in the Armenian banking sector as to the volume of assets##, CEO of “HSBC Bank Armenia” Tim Slater informed today, presenting the financial report of the bank for 2007 in Yerevan.

Mediamax reports that Tim Slater noted that the bank assets in 2007 grew for 30%, and as of December 31 of 2007 made 104bln drams. The net profit of the bank following the results of 2007 made 3,3bln drams, having increased, as compared to 2006, by 5,4%.

“At present, the financial indices of the first quarter of 2008 are in process of clarification, and according to the planned indices, the profit of the bank after paying the taxes in the given period made $3,8mln, having increased, as compared to the same period of the previous year, by 27%”, Tim Slater stated.

“The relatively low profit of the bank, as compared to the income, evidences that we are more interested to broaden the activities. This is also proved by the fact that the bank in 2007 did not pay out dividends”, Tim Slater stated.

He noted that the profitability of the bank in 2007 made 31% (18% more, than the average index), and according to the given index, the bank also occupies a leading position in the banking sector of Armenia. CEO of the bank also informed that as of the end f 2007, “HSBC Bank Armenia” maintained 33 788 individuals and 3 612 legal entities.

According to the financial report, the bank’s share in the market of loans provision made 12.1%, and the share of mortgage credits, provided by the bank as of the end of 2007, made 32,5% (about $80mln). The credit portfolio of the bank, according to the CEO, in 2007 made about $270mln. The share of the bank in the market as to the volume of attracted deposits made 17,5%.

Tim Slater informed that this year the bank plans to open a National Service Center and two branches in Yerevan. “The National Service Center is to be set up, aiming at relieving the branches and giving them the opportunity to get more involved in customer service”, Financial Director of the bank Gevorg Tarumyan stated.

Answering the question of the journalists on the large sum, levied when HSBC bank cash-machines are used by customers of other banks, Deputy CEO of the bank Irina Seylenyan informed that the cash-machines of the bank in the territory of Armenia work according to the international system, collecting analogous sums in all the countries of HSBC presence.

Tim Slater informed that by the fourth quarter of 2008, it is planned to introduce new program packages in the Armenian cash-machines of HSBC, due to which it will become more convenient for customers of other banks to use the services of “HSBC Bank Armenia”. He added that by the end of the year, it is planned to increase the number of cash-machines from 40 to 50.