Yerevan /Mediamax/. The growth of capital of the Armenian banking system## in 2007 made 38,3%, which 2,8 times exceeds the index of GDP growth, Chairman of the Union of Armenian Banks (UAB) Emil Soghomonyan stated.

Mediamax reports that, speaking in Dilijan at the annual meeting of the Union of Armenian Banks on June 21, Emil Soghomonyan informed that the sum of credits, provided by Armenian banks in 2007, increased for 67,9%, as compared to 2006, and the profitability of the banks with respect to the capital made 12,78%.

Chairman of UAB stated that positive tendencies are also observed in the macroeconomic indices, which characterize the banking system of Armenia.

As Emil Soghomonyan stated, in 2007 the correlation of the general assets of the banking system to the GDP grow from 20,4% to 25%, the correlation of overall credit investments to GDP grew from 9,5% to 13,6%, the correlation of the overall capital of the banking system to the GDP grew from 4,5% to 5,3%, and the correlation of individuals’ deposits to the GDP grew from 5,4% to 6,3%.

“In conditions of the tough competition in the banking system of Armenia certain decrease of credit interest rates is registered, while the rates for attracting deposits in the course of the recent 2 years as a matter of fact have not changed, which evidences the increase of efficiency of the banks’ activity”, Emil Soghomonyan stated.