Yerevan /Mediamax/. Growth of “HSBC Bank Armenia” profit in 2008 made 17%.

Mediamax reports that the Chief Executive Officer of “HSBC Bank Armenia” Tim Slater informed at a news conference in Yerevan today that last year the profit of the bank before taxation made 5bln AMD.

In the accounting period, the credit investments of the bank increased for 40%, making 74bln AMD. The growth of capital made 34%, reaching 15.5bln AMD. In 2008, the bank opened 2 new branches in Yerevan and an Operational center, the number of cash machines reached 43.

The number of employees of the bank increased for 21.5%, reaching 412.

“We believe that the year of 2009 will be quite difficult for the banking system of Armenia, but we are ready to withstand difficulties and we are sure that the activity of the bank will be profitable this year”, Tim Slater stressed.

According to him, the loan line at the volume of $100mln, received last year from the shareholders of the bank, gives additional confidence, “although we do not use these means, since there is no necessity”.

Commenting on the possibility of interest rate increase, Tim Slater noted that certain increase of interest rates for credits in national currency is possible.