Yerevan /Mediamax/. VTB Bank (Armenia) concluded quarter I, 2009, with 136mln AMD negative profit.

Mediamax reports that, speaking at a news conference in Yerevan today, General Director of the bank Valeri Ovsyannikov stated that 80% of the negative profit was caused by AMD devaluation, and the remaining 20% - by increase of reserves in connection with the complex economic situation and difficulties among borrowers.

“The share of overdue credits in the bank’s credit portfolio at present makes 1.5-2%”, Valeri Ovsyannikov stated, adding that the bank did not stop crediting and this year it will focus attention on crediting small and medium enterprise, increase of the quality of banking services and toughening the policy in the sphere of risk management.

Credit portfolio of the bank in the first quarter of 2009 increased by 5%, making 74.2bln AMD, the volume of means, attracted from customers, increased by 21%, making 33.3bln AMD, and the volume of time deposits increased by 40%, making 20.7bln AMD.

Operating income of the bank in the first quarter made 1.6bln AMD.