Yerevan/Mediamax/. “VTB Bank (Armenia)” completed the I quarter, 2010, with net profit of 670mln AMD.

Mediamax reports that General Director, Chairman of the Board of Directors Valeri Ovsyannikov said this at a news conference today. The means, attracted by the banks in the accounting period, made 100bln AMD, given total assets of the bank 125.5bln AMD.

Valeri Ovsyannikov presented the audited financial indices for 2009, noting that the profit of the bank in the accounting period made 900mln AMD. He noted that, as compared to 2008, the profit of the bank significantly decreased, which is accounted for the consequences of the global crisis.

Valeri Ovsyannikov noted that in 2009, the bank managed to optimize the branch network and take it to a new online mode. Following the results of 2009, the number of VTB Bank Armenia branches made 68. In 2009, the bank managed to increase the crediting share in the market to up to 12%.

Valeri Ovsyannikov gave a positive assessment to the actions of the Central Bank of Armenia as to assisting commercial banks by means of issuing additional liquidity to the market. According to him, these steps of CB have a positive influence on the financial system of Armenia.

Valeri Ovsyannikov also gave a high assessment to CB’s struggle against dollarization, as a result of which it will become possible to decrease interest rates for USD credits of banks by 1.5-2%.