Yerevan /Mediamax/. The average speed of growth of “Araratbank” in 28 made 45%.

Mediamax reports that the Executive Director of “Araratbank” Ashot Osipyan said this in Yerevan today.

Presenting the indices of the bank at the annual meeting of shareholders, he noted that the aggregate assets of “Araratbank” in 2008 made 29bln 632.2mln AMD, having increased, as compared to 2007, by 32.9%, and made 12bln 189.6mln AMD. Ashot Osipyan noted that this year the bank will continue providing credits, at that the crediting policy will be more reserved and selective. He stressed that the requirements towards borrowers have increased.

The volume of means, attracted from customers by the bank in 2008, made 12bln 142.5mln AMD, the growth, as compared to 2007, made 3.8%. The revenues of the bank in the accounting period increased, as compared to 2007, by 74.7% and made 580.8mln AMD, at that the total capital of the bank as of the end of 2008 makes 7bln 544.6mln AMD (growth as compared to 2007 made 69%).

Ashot Osipyan noted that the year 2008 was successful for “Araratbank”. Last year, new branches were opened and new programs were realized. “And it is very important that in the crisis period we managed to conclude an agreement with European Bank for Reconstruction and Development (EBRD) on cooperation, according to which EBRD purchased 25%+1 share of “Araratbank””, Ashot Osipyan stated, adding that this is a kind of sign for the market that “Araratbank” is a stable and developing bank.

According to the Executive Director of the bank, “the crisis, of course, influences our activity, since we could have realized more programs”. According to Ashot Osipyan, in conditions of the crisis, “Araratbank” carries out more conservative policy and tries to preserve development speeds, which, according to assessments, will make 25-30% in 2009.