AraratBank wraps up the 2020 fiscal year with the profit of AMD 1.3 billion, which is a sufficient result in the conditions of the crisis driven by the COVID-19 pandemic and the war.

Chairman of AraratBank Executive Board Mher Ananyan has made the announcement at the Annual General Meeting of Shareholders, summing up the performance indicators of the past year.

According to him, the bank’s assets stood at AMD 248,881 million as of 2020, which exceeded the indicator of 2019 by 11.9%. At that, loans grew by 9.0% and stood at AMD 148,222 million.  

In 2020, liabilities stood at AMD 210,655 million. By the end of the reporting year, term deposits stood at AMD 48,913 million having increased by 23.7% against the indicator of 2019. Total capital of the bank stood at AMD 38,227 million in 2020.    

The number of customers at the end of 2020 stood at 120,778, having increased by 9,863 as compared to the previous year. The number of depositors stood at 6,950, while the growth  compared to 2019 was 481. The number of issued cards as of December 2020 stood at 100,606. At the end of the year, the number of AraratBank digital banking users stood at over 20,000.

“Strictly guided by the strategy of crisis management and business continuity during emergency situations, AraratBank was able to adapt very quickly to the new environment and ensure the digitization and provision of relevant banking services in the situation with Covid-19 pandemic. As a result, in 2020, the Bank succeeded in performing the planned indicators, actively participated in the RA Government programs to neutralize the economic consequences of Coronavirus as well as forgave the loan liabilities of those killed, missing or disabled as a result of hostilities,” said Mher Ananyan, Chairman of the Executive Board of AraratBank.

The Annual General Meeting of Shareholders of AraratBank has approved the annual financial statements of the Executive Board and profit distribution based on the indicators of the reporting year.