Yerevan/Mediamax/. VTB Bank (Armenia) announced audited financial results of 2011 according to the International Financial Reporting Standards (IFRS) today.

The net profit of VTB Bank (Armenia) made AMD1.6bln as of 2011. The credit portfolio of customers increased by 41.8% - up to AMD 122.7bln.

The volume of funds attracted by clients made AMD 79.5bln and the volume of individual deposits increased by 28.9% as compared to the same index of 2010 having made AMD 47.1bln.

As of 2011, the Bank’s assets increased by 39.2% - up to AMD 177.5bln. Increase in individual crediting volumes became one of the key factors of growth. The overall credit portfolio of the Bank (loans and clients’ prepayments) of 2011 grew by 41.8% having made AMD 122.7bln. 

The deposit portfolio of legal entities made AMD 32.5bln.

The Bank’s operating income decreased by 5.4% having made AMD 10.9bln against the same index of 2010.

Acting Director General, Chairman of the Directorate of VTB Bank (Armenia) Yuri Gusev said that “in 2011, the Bank continued its development as a universal Bank and it has considerably strengthened its positions in main indexes retaining the lead among the most active market players”.

He noted that “we have actively worked in 3 main areas in the lending sphere – consumer crediting, mortgage and credit cards”.