AHK Georgien

Armenian
Banking Sector
Overview
2012 1st half-year results
August 2012
CONTENTS
Basis of Preparation
2
At a glance
3
Sector Highlights
4
Bank Profiles
5
Appendix 1: Shareholders Structure & General Information
26
Appendix 2: Sector Insights
28
Appendix 3: Key Financial Indicators
31
Appendix 4: Bank Contact Details
35
Abbreviations
37
Glossary of Terms
38
© 2012 KPMG Armenia cjsc, a company incorporated under the Laws of the Republic of Armenia, a subsidiary of KPMG Europe
LLP, and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative
(“KPMG International”), a Swiss entity. All rights reserved.
Basis of preparation
This report summarizes and analyzes the financial results of the 21
commercial banks of Armenia for the 1st half of 2012, as well as provides
some insights into the recent developments in the sector.
The financial information has been obtained solely from published interim
reports and year end audited reports. We have used simple headline
numbers in our analysis unless stated otherwise; each bank has its own
way of reporting performance and this has proved to be the most
consistent method of presenting their results.
The general information, such as number of branches, employee
headcount, etc, are mainly taken from the Notes to the Financial
Statements prepared by the banks. The official websites of the banks
serve as the only alternative source, however they are not always
properly updated. Due to this, the figures presented may not necessarily
be as of 30.06.2012. There may be figures more up to date or of an earlier
date depending on the latest available information published by the
banks.
The main source of news is the official websites of the banks and the
Central Bank of Armenia, as well as the official press releases published
by various news agencies.
© 2012 KPMG Armenia cjsc, a company incorporated under the Laws of the Republic of Armenia, a subsidiary of KPMG Europe
LLP, and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative
(“KPMG International”), a Swiss entity. All rights reserved.
At a Glance
The banking system is the biggest part of the Armenian financial market. As of 30 June 2012 the banking system total
assets comprised 58.5% and total outstanding loans comprised 38% of GDP as of 31 December 2011.
As of 30 June 2012, there were 21 commercial banks operating in the Republic of Armenia. They had 458 branches in
Armenia and in Nagorno Karabakh, from which 180 are located in Yerevan.
Key Financial Indicators of the Armenian Banking Sector as of 30 June 2012 (in million AMD)
2,209,606
1,757,675
1,595,251
1,435,802
1,821,798
1,126,403
387,808
226,085
131,039
108,868
11,517
58,712
9,030
78,395
2,057,275
1,552,248
1,399,692
1,258,812
1,685,630
1,055,813
371,646
226,085
223,889
179,737
21,575
103,209
17,176
142,962
1,763,697
1,395,950
1,264,693
1,081,588
1,411,246
855,964
352,451
218,572
104,177
85,112
9,833
49,377
7,816
66,425
Change
(30.06.12/
31.12.11)
7.4%
13.2%
14.0%
14.1%
8.1%
6.7%
4.3%
0.0%
-
Operating Expenses
(43,867)
(80,160)
(36,939)
-
18.8%
Net Provision Expenses
(11,613)
(15,847)
(2,910)
-
299.1%
22,915
17,881
656
18,536
46,955
36,937
634
37,571
26,576
21,228
1,674
22,902
-
-13.8%
-15.8%
-60.8%
-19.1%
2012 1st half*
Key Financial Indicators
Assets
Interest Earning Assets
Gross Advances to Customers
Loans
Liabilities
Deposits**
Total Equity
Charter Capital
Total Income
Interest Income
Non-Interest Income
Net Interest Income
Net Non-Interest Income
Operating Income***
Net Profit before Taxes
Net Profit after Taxes
Other Comprehensive Income
Total Comprehensive Income
2011* 2011 1st half*
Change
(30.06.12/
30.06.11)
25.3%
25.9%
26.1%
32.7%
29.1%
31.6%
10.0%
3.4%
25.8%
27.9%
17.1%
18.9%
15.5%
18.0%
*
The indicators of the financial position are as of the last day of the corresponding period
** Deposits include current accounts
*** Operating income is before provisions and administrative expenses
Top Ten Banks of the Armenian Banking Sector as of 30 June 2012 (in million AMD)
250,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
-2,000
-4,000
200,000
150,000
100,000
50,000
0
ACBA
Ameria
HSBC
ABB
VTB
ASHIB
Unibank ArExImBank Ararat
Converse
Assets
Loans
Deposits
Equity
Income (right axis)
Net profit/loss after taxes (right axis)
© 2012 KPMG Armenia cjsc. All rights reserved.
3
Sector Highlights
Assets
25.3%
Loans
32.7%
Deposits
31.6%
Equity
10%
Income
Compared with the second quarter of 2011, banking system
assets grew by 25.3% and reached 2,209.6 billion AMD as of 30
June 2012. Assets grew in 20 banks and only “Mellat Bank” CJSC
suffered a decrease.
As of 30 June 2012 the total amount of outstanding loans
disbursed by all 21 commercial banks in Armenia grew by 32.7%
compared with the same date of 2011 and reached around 1,435.8
billion AMD.
The outstanding balance of deposits to banks as of 30 June 2012
increased by 31.6% compared with the same date of 2011,
reaching 1,126.4 billion AMD.
As of 30 June 2012 total equity of banks reached 387.8 billion
AMD, which exceeds the same indicator as of 30 June 2011 by
10%.
During the period ended 30 June 2012, the banking system had
total income of 131 billion AMD, which exceeded the total
income for the same period of 2011 by 25.8%.
25.8%
Profit
- 13.8%
© 2012 KPMG Armenia cjsc. All rights reserved.
Net profit before taxes of the banks for the period ended 30 June
2012 was AMD 22.9 billion, which is 13.8% lower, compared
with the same period of 2011.
Net profit after taxes of the banking system for the period ended
30 June 2012 was AMD 18 billion.
4
Bank Profiles
Anelik Bank
Key Financial Indicators
Amount, mln AMD
Share in
2012
2011
Rank
2011*
total, %
1st half*
1st half*
Assets
Interest Earning Assets
Loans
Liabilities
Deposits
Equity
Charter Capital
Income
Interest Income
Net Provision Expenses
Net Profit (Loss) after Taxes
Total Comprehensive Income
*
76,880
54,175
40,313
62,684
36,967
14,196
10,816
4,447
3,254
(1,515)
(1,367)
(1,253)
73,050
51,201
39,324
57,782
35,696
15,268
10,816
8,168
5,606
(667)
13
8
63,624
44,814
35,373
47,738
29,594
15,887
10,816
3,818
2,675
(150)
32
207
3.5%
3.1%
2.8%
3.4%
3.3%
3.7%
4.8%
3.4%
3.0%
13.0%
-7.6%
-6.7%
13
13
13
13
11
12
9
13
13
4
21
20
Change, %
30.06.12
30.06.12
/31.12.11
/30.06.11
5.2%
5.8%
2.5%
8.5%
3.6%
-7.0%
0.0%
-
20.8%
20.9%
14.0%
31.3%
24.9%
-10.6%
0.0%
16.5%
21.7%
910.9%
-4324.1%
-706.0%
The indicators of the financial position are as of the last day of the corresponding period
Key Indicators of the Financial Position
Key Indicators of the Financial Results
80,000
4,500
60,000
3,000
1,500
40,000
Income
20,000
-1,500
Interest
Income
NPE
NPT
OCI
Assets
As of 30.06.12
Loans
Deposits
As of 31.12.11
Equity
As of 30.06.11
Key Ratios
2012 1st half
2011 1st half
Favorable rankings
Cost to Income Ratio
94.1% 9th rank by the Charter capital
Liquidity
52.4%
Leverage
In March 2012 Anelik Bank has introduced a special
scoring system for the business credits rating.
-30.7%
NIM
2.8%
ROE
-9.3%
ROA
News
18.5%
PM
-50%
-3,000
-1.8%
0%
© 2012 KPMG Armenia cjsc. All rights reserved.
50%
100%
5
Bank Profiles (continued)
Areximbank – Gazprombank Group
Key Financial Indicators
Assets
Interest Earning Assets
Loans
Liabilities
Deposits
Equity
Charter Capital
Income
Interest Income
Net Provision Expenses
Net Profit after Taxes
Total Comprehensive Income
*
Amount, mln AMD
Share in
2012 1st
2011 1st
Rank
2011*
total, %
half*
half*
115,589
94,372
90,337
99,350
35,229
16,239
12,347
5,963
5,073
(80)
529
529
95,860
78,873
74,681
80,149
32,756
15,711
12,347
9,432
7,764
(355)
1,030
1,030
80,498
67,235
62,605
65,405
24,290
15,093
12,347
4,337
3,580
(140)
412
412
5.2%
5.4%
6.3%
5.5%
3.1%
4.2%
5.5%
4.6%
4.7%
0.7%
3.0%
2.8%
8
8
8
8
12
11
7
10
9
17
13
13
Change, %
30.06.12
30.06.12
/31.12.11
/30.06.11
20.6%
19.7%
21.0%
24.0%
7.6%
3.4%
0.0%
-
43.6%
40.4%
44.3%
51.9%
45.0%
7.6%
0.0%
37.5%
41.7%
-42.7%
28.2%
28.2%
The indicators of the financial position are as of the last day of the corresponding period
Key Indicators of the Financial Position
Key Indicators of the Financial Results
6,000
120,000
100,000
4,500
80,000
3,000
60,000
1,500
40,000
20,000
Income
Assets
Loans
As of 30.06.12
Deposits
As of 31.12.11
Equity
-1,500
2012 1st half
As of 30.06.11
Key Ratios
Interest
Income
NPE
NPT
2011 1st half
Favorable rankings
Cost to Income Ratio
74.3%
Liquidity
78.2%
Leverage
14.0%
News
8.9%
PM
NIM
2.5%
ROE
3.3%
ROA
0.5%
0%
© 2012 KPMG Armenia cjsc. All rights reserved.
8th rank by the Assets
8th rank by the Loans
7th rank by the Charter capital
10th rank by the Income
In March 2012 Areximbank and EBRD signed a USD
10 million loan agreement for Small and Medium
Business financing.
50%
100%
In April 2012 Gazprombank LLC lent more than USD
100 million to Areximbank - Gazprombank Group.
6
Bank Profiles (continued)
Ardshininvestbank (ASHIB)
Key Financial Indicators
Amount, mln AMD
Share in
2012 1st
2011 1st
Rank
2011*
total, %
half*
half*
Assets
Interest Earning Assets
Loans
Liabilities
Deposits
Equity
Charter Capital
Income
Interest Income
Net Provision Expenses
Net Profit (Loss) after Taxes
Total Comprehensive Income
*
176,707
133,110
110,055
143,766
105,806
32,941
13,802
10,687
8,313
(1,597)
1,342
1,433
160,390
109,001
91,446
128,880
95,235
31,510
13,802
18,198
14,214
(3,038)
2,360
2,496
128,292
105,248
84,375
97,183
73,560
31,109
13,802
8,607
6,782
(420)
1,947
2,094
8.0%
7.6%
7.7%
7.9%
9.4%
8.5%
6.1%
8.2%
7.6%
13.8%
7.5%
7.7%
6
6
6
6
2
4
5
4
4
3
7
7
Change, %
30.06.12
30.06.12
/31.12.11
/30.06.11
10.2%
22.1%
20.4%
11.6%
11.1%
4.5%
0.0%
-
37.7%
26.5%
30.4%
47.9%
43.8%
5.9%
0.0%
24.2%
22.6%
280.5%
-31.1%
-31.6%
The indicators of the financial position are as of the last day of the corresponding period
Key Indicators of the Financial Position
Key Indicators of the Financial Results
180,000
12,000
10,000
8,000
120,000
6,000
4,000
60,000
2,000
-
Assets
As of 30.06.12
Loans
Deposits
As of 31.12.11
Equity
-2,000
2012 1st half
As of 30.06.11
Key Ratios
Income Interest
Income
NPE
NPT
OCI
2011 1st half
Favorable rankings
Cost to Income Ratio
51.8%
Liquidity
Among the top 10 by all the key financial indicators
62.3%
Leverage
18.6%
PM
12.6%
NIM
3.6%
ROE
4.2%
ROA
0.8%
0%
© 2012 KPMG Armenia cjsc. All rights reserved.
50%
News
In June 2012 Ardshininvestbank and the Black Sea
Trade and Development Bank signed a USD 8 million
credit agreement for mortgage financing.
100%
7
Bank Profiles (continued)
Artsakh Bank
Key Financial Indicators
Amount, mln AMD
Share in
2012 1st
2011 1st
Rank
2011*
total, %
half*
half*
Assets
Interest Earning Assets
Loans
Liabilities
Deposits
Equity
Charter Capital
Income
Interest Income
Net Provision Expenses
Net Profit (Loss) after Taxes
Total Comprehensive Income
*
81,083
65,384
55,836
68,992
44,447
12,091
6,561
6,904
4,688
(501)
1,123
1,123
68,855
58,006
50,556
57,280
38,753
11,576
6,561
8,963
7,910
(701)
1,644
1,644
62,026
50,908
40,337
52,452
38,704
9,574
6,561
4,102
3,435
(243)
922
922
3.7%
3.7%
3.9%
3.8%
3.9%
3.1%
2.9%
5.3%
4.3%
4.3%
6.3%
6.0%
12
12
10
12
10
14
15
8
11
7
8
8
Change, %
30.06.12
30.06.12
/31.12.11
/30.06.11
17.8%
12.7%
10.4%
20.4%
14.7%
4.4%
0.0%
-
30.7%
28.4%
38.4%
31.5%
14.8%
26.3%
0.0%
68.3%
36.5%
106.1%
21.8%
21.8%
The indicators of the financial position are as of the last day of the corresponding period
Key Indicators of the Financial Position
Key Indicators of the Financial Results
90,000
8,000
75,000
6,000
60,000
4,000
45,000
30,000
2,000
15,000
Income
Assets
As of 30.06.12
Loans
Deposits
As of 31.12.11
Equity
As of 30.06.11
Key Ratios
-2,000
Interest
Income
2012 1st half
NPE
NPT
2011 1st half
Favorable rankings
Cost to Income Ratio
61.1%
Liquidity
68.9%
Leverage
14.9%
10th rank by the Loans
10th rank by the Deposits
8th rank by the Income
8th rank by the Net Profit After Taxes
16.3%
PM
NIM
3.9%
9.5%
ROE
ROA
1.5%
0%
© 2012 KPMG Armenia cjsc. All rights reserved.
50%
100%
8
Bank Profiles (continued)
Armenian Development Bank
Key Financial Indicators
Amount, mln AMD
Share in
2012 1st
2011 1st
Rank
2011*
total, %
half*
half*
Assets
Interest Earning Assets
Loans
Liabilities
Deposits
Equity
Charter Capital
Income
Interest Income
Net Provision Expenses
Net Profit (Loss) after Taxes
Total Comprehensive Income
*
44,678
34,357
31,403
36,500
28,742
8,178
4,526
2,604
2,264
(84)
448
452
36,006
26,827
24,473
28,237
24,381
7,769
4,526
3,819
3,179
(61)
676
682
31,239
23,751
18,475
23,778
14,895
7,461
4,526
1,609
1,395
11
326
331
2.0%
2.0%
2.2%
2.0%
2.6%
2.1%
2.0%
2.0%
2.1%
0.7%
2.5%
2.4%
17
18
14
16
14
19
20
16
16
16
14
14
Change, %
30.06.12
30.06.12
/31.12.11
/30.06.11
24.1%
28.1%
28.3%
29.3%
17.9%
5.3%
0.0%
-
43.0%
44.7%
70.0%
53.5%
93.0%
9.6%
0.0%
61.9%
62.4%
880.2%
37.3%
36.8%
The indicators of the financial position are as of the last day of the corresponding period
Key Indicators of the Financial Position
Key Indicators of the Financial Results
45,000
3,000
2,500
2,000
30,000
1,500
1,000
15,000
500
-
Assets
Loans
As of 30.06.12
Deposits
As of 31.12.11
Equity
-500
As of 30.06.11
Key Ratios
Income Interest
Income
2012 1st half
NPE
NPT
OCI
2011 1st half
News
Cost to Income Ratio
In June 2012 Armenian Development Bank opened
its 6th branch.
50.9%
Liquidity
70.3%
Leverage
18.3%
17.2%
PM
NIM
3.2%
ROE
5.6%
ROA
1.1%
0%
© 2012 KPMG Armenia cjsc. All rights reserved.
50%
100%
9
Bank Profiles (continued)
HSBC Bank Armenia
Key Financial Indicators
Amount, mln AMD
Share in
2012 1st
2011 1st
Rank
2011*
total, %
half*
half*
Assets
Interest Earning Assets
Loans
Liabilities
Deposits
Equity
Charter Capital
Income
Interest Income
Net Provision Expenses
Net Profit (Loss) after Taxes
Total Comprehensive Income
*
197,691
169,869
124,085
164,349
127,460
33,342
10,439
10,079
8,109
(141)
3,515
3,812
179,065
140,772
108,025
148,749
121,709
30,317
10,439
18,487
14,157
16
6,585
6,636
155,157
133,864
90,843
127,984
109,126
27,173
10,439
8,499
6,676
30
2,751
3,008
8.9%
9.7%
8.6%
9.0%
11.3%
8.6%
4.6%
7.7%
7.4%
1.2%
19.7%
20.5%
3
3
4
3
1
3
10
5
6
13
1
1
Change, %
30.06.12
30.06.12
/31.12.11
/30.06.11
10.4%
20.7%
14.9%
10.5%
4.7%
10.0%
0.0%
-
27.4%
26.9%
36.6%
28.4%
16.8%
22.7%
0.0%
18.6%
21.5%
571.3%
27.8%
26.7%
The indicators of the financial position are as of the last day of the corresponding period
Key Indicators of the Financial Position
Key Indicators of the Financial Results
200,000
12,000
160,000
10,000
8,000
120,000
6,000
80,000
4,000
40,000
2,000
Assets
Loans
As of 30.06.12
Deposits
As of 31.12.11
Equity
As of 30.06.11
Key Ratios
-2,000
Income Interest
Income
2012 1st half
NPE
NPT
OCI
2011 1st half
Favorable rankings
Cost to Income Ratio
45.6%
Liquidity
1st rank by the Deposits
1st rank by the Net Profit After Taxes
Among the top 10 by almost all the key financial
indicators
62.8%
Leverage
16.9%
News
34.9%
PM
NIM
In May 2012 HSBC Bank Armenia opened a new
branch in Yerevan.
4.2%
11.0%
ROE
ROA
1.9%
0%
© 2012 KPMG Armenia cjsc. All rights reserved.
50%
100%
In June 2012 International Finance Corporation
provided USD 15 million financing to the bank for
expanding the renewable energy and energy
efficiency projects financing.
10
Bank Profiles (continued)
Byblos Bank Armenia
Key Financial Indicators
Amount, mln AMD
Share in
2012 1st
2011 1st
Rank
2011*
total, %
half*
half*
Assets
Interest Earning Assets
Loans
Liabilities
Deposits
Equity
Charter Capital
Income
Interest Income
Net Provision Expenses
Net Profit (Loss) after Taxes
Total Comprehensive Income
*
45,251
38,707
25,135
36,223
21,087
9,028
8,125
1,914
1,893
(24)
153
84
37,820
32,278
20,122
28,876
16,189
8,944
8,125
3,069
2,918
(11)
266
277
34,922
30,211
18,326
26,168
12,437
8,755
8,125
1,396
1,328
48
106
87
2.0%
2.2%
1.8%
2.0%
1.9%
2.3%
3.6%
1.5%
1.7%
0.2%
0.9%
0.5%
16
16
19
17
16
17
11
19
19
18
16
17
Change, %
30.06.12
30.06.12
/31.12.11
/30.06.11
19.6%
19.9%
24.9%
25.4%
30.3%
0.9%
0.0%
-
29.6%
28.1%
37.2%
38.4%
69.5%
3.1%
0.0%
37.1%
42.6%
150.7%
44.6%
-3.2%
The indicators of the financial position are as of the last day of the corresponding period
Key Indicators of the Financial Position
Key Indicators of the Financial Results
50,000
2,000
40,000
1,500
30,000
1,000
20,000
500
10,000
Income
Assets
As of 30.06.12
Loans
Deposits
As of 31.12.11
Equity
-500
2012 1st half
As of 30.06.11
Key Ratios
Interest
Income
NPE
NPT
OCI
2011 1st half
News
Cost to Income Ratio
75.6%
Liquidity
55.5%
Leverage
20.0%
In March 2012 Byblos Bank Armenia has become a
member of Nasdaq OMX Armenia.
8.0%
PM
NIM
2.5%
ROE
1.7%
ROA
0.4%
0%
© 2012 KPMG Armenia cjsc. All rights reserved.
Since March 2012 Byblos Bank Armenia cooperates
with IFC in mortgage lending within the framework
of the housing energy efficiency lending program. An
agreement of USD 10 million is already obtained.
In April 2012 Byblos Bank Armenia opened a new
branch in Yerevan.
50%
100%
11
Bank Profiles (continued)
Inecobank
Key Financial Indicators
Amount, mln AMD
Share in
2012 1st
2011 1st
Rank
2011*
total, %
half*
half*
Assets
Interest Earning Assets
Loans
Liabilities
Deposits
Equity
Charter Capital
Income
Interest Income
Net Provision Expenses
Net Profit (Loss) after Taxes
Total Comprehensive Income
*
93,370
80,354
70,952
76,957
24,754
16,414
6,926
6,424
5,611
(183)
1,683
1,675
87,230
67,901
62,254
72,231
29,465
14,999
6,926
9,891
8,353
(374)
2,603
2,656
68,218
54,633
43,607
54,683
19,935
13,535
3,463
4,580
3,796
(90)
1,172
1,192
4.2%
4.6%
4.9%
4.2%
2.2%
4.2%
3.1%
4.9%
5.2%
1.6%
9.4%
9.0%
11
9
9
11
15
10
13
9
8
9
6
6
Change, %
30.06.12
30.06.12
/31.12.11
/30.06.11
7.0%
18.3%
14.0%
6.5%
-16.0%
9.4%
0.0%
-
36.9%
47.1%
62.7%
40.7%
24.2%
21.3%
100.0%
40.3%
47.8%
104.4%
43.6%
40.5%
The indicators of the financial position are as of the last day of the corresponding period
Key Indicators of the Financial Position
Key Indicators of the Financial Results
7,000
100,000
6,000
80,000
5,000
60,000
4,000
40,000
3,000
2,000
20,000
1,000
Assets
As of 30.06.12
Loans
Deposits
As of 31.12.11
Equity
-1,000
As of 30.06.11
Key Ratios
Income
Interest
Income
2012 1st half
NPE
NPT
OCI
2011 1st half
Favorable rankings
Cost to Income Ratio
42.8%
Liquidity
76.0%
Leverage
17.6%
News
26.2%
PM
NIM
In April 2012 Inecobank attracted USD 10 million
from European Fund for Southeast Europe (EFSE) for
enhancing the Micro and Small enterprises loan
portfolio.
4.4%
10.7%
ROE
ROA
9th rank by the Loans
9th rank by the Income
6th rank by the Net Profit After Taxes
1.9%
0%
© 2012 KPMG Armenia cjsc. All rights reserved.
50%
100%
12
Bank Profiles (continued)
Converse Bank
Key Financial Indicators
Amount, mln AMD
Share in
2012 1st
2011 1st
Rank
2011*
total, %
half*
half*
Assets
Interest Earning Assets
Loans
Liabilities
Deposits
Equity
Charter Capital
Income
Interest Income
Net Provision Expenses
Net Profit (Loss) after Taxes
Total Comprehensive Income
*
95,386
70,397
52,991
78,227
59,251
17,159
4,860
5,397
3,817
248
775
809
137,594
62,708
46,190
121,116
102,374
16,478
4,860
10,356
7,388
(1,689)
76
78
81,283
54,380
43,297
64,550
46,751
16,734
4,860
4,873
3,528
(423)
324
357
4.3%
4.0%
3.7%
4.3%
5.3%
4.4%
2.1%
4.1%
3.5%
-2.1%
4.3%
4.4%
10
10
11
10
9
9
19
12
12
21
11
10
Change, %
30.06.12
30.06.12
/31.12.11
/30.06.11
-30.7%
12.3%
14.7%
-35.4%
-42.1%
4.1%
0.0%
-
17.4%
29.5%
22.4%
21.2%
26.7%
2.5%
0.0%
10.8%
8.2%
158.5%
139.5%
126.5%
The indicators of the financial position are as of the last day of the corresponding period
Key Indicators of the Financial Position
Key Indicators of the Financial Results
140,000
6,000
120,000
5,000
100,000
4,000
80,000
3,000
60,000
2,000
40,000
1,000
20,000
-
Assets
Loans
As of 30.06.12
Deposits
As of 31.12.11
Equity
As of 30.06.11
Key Ratios
-1,000
Income Interest
Income
2012 1st half
NPE
NPT
OCI
2011 1st half
Favorable rankings
Cost to Income Ratio
77.9%
Liquidity
55.6%
Leverage
18.0%
PM
14.4%
NIM
2.8%
ROE
4.6%
ROA
10th rank by the Assets
9th rank by the Deposits
8th rank by the Net Non-Interest Income
0.7%
0%
© 2012 KPMG Armenia cjsc. All rights reserved.
50%
100%
13
Bank Profiles (continued)
ACBA – Credit Agricole Bank
Key Financial Indicators
Amount, mln AMD
Share in
2012 1st
2011 1st
Rank
2011*
total, %
half*
half*
Assets
Interest Earning Assets
Loans
Liabilities
Deposits
Equity
Charter Capital
Income
Interest Income
Net Provision Expenses
Net Profit (Loss) after Taxes
Total Comprehensive Income
*
239,801
189,105
163,412
192,470
82,404
47,331
30,000
14,685
12,532
(1,142)
1,954
1,994
218,232
170,288
146,131
172,895
73,078
45,337
30,000
26,631
22,423
(387)
6,139
6,144
192,679
154,984
127,995
150,566
57,413
42,113
30,000
12,601
10,482
(221)
3,030
2,920
10.9%
10.8%
11.4%
10.6%
7.3%
12.2%
13.3%
11.2%
11.5%
9.8%
10.9%
10.8%
1
1
1
1
7
1
1
1
2
5
4
4
Change, %
30.06.12
30.06.12
/31.12.11
/30.06.11
9.9%
11.1%
11.8%
11.3%
12.8%
4.4%
0.0%
-
24.5%
22.0%
27.7%
27.8%
43.5%
12.4%
0.0%
16.5%
19.6%
416.7%
-35.5%
-31.7%
The indicators of the financial position are as of the last day of the corresponding period
Key Indicators of the Financial Position
Key Indicators of the Financial Results
250,000
15,000
12,500
200,000
10,000
150,000
7,500
100,000
5,000
2,500
50,000
-
Assets
Loans
As of 30.06.12
Deposits
As of 31.12.11
Equity
-2,500
As of 30.06.11
Income Interest
Income
2012 1st half
NPE
NPT
OCI
2011 1st half
Favorable rankings
Key Ratios
Cost to Income Ratio
57.7%
Liquidity
68.1%
Leverage
19.7%
PM
13.3%
NIM
3.9%
ROE
4.2%
ROA
0.9%
0%
© 2012 KPMG Armenia cjsc. All rights reserved.
1st rank by the Assets
1st rank by the Loans
1st rank by the Charter Capital
1st rank by the Income
Among the top 10 banks by all the key financial
indicators.
News
In January 2012 ACBA-Credit Agricole Bank signed
an agreement of USD 30 million with IFC on SME
and agriculture sectors lending.
50%
100%
14
Bank Profiles (continued)
Armeconombank
Key Financial Indicators
Assets
Interest Earning Assets
Loans
Liabilities
Deposits
Equity
Charter Capital
Income
Interest Income
Net Provision Expenses
Net Profit (Loss) after Taxes
Total Comprehensive Income
*
Amount, mln AMD
Share in
2012 1st
2011 1st
Rank
2011*
total, %
half*
half*
59,771
47,095
30,760
50,790
34,676
8,981
2,333
3,977
2,900
(95)
(42)
(31)
60,285
38,655
29,251
51,063
33,137
9,222
2,333
8,077
5,487
497
520
59,766
42,388
30,017
50,802
29,254
8,964
2,333
3,680
2,691
165
233
262
2.7%
2.7%
2.1%
2.8%
3.1%
2.3%
1.0%
3.0%
2.7%
0.8%
-0.2%
-0.2%
14
14
15
14
13
18
21
14
14
15
18
18
Change, %
30.06.12
30.06.12
/31.12.11
/30.06.11
-0.9%
21.8%
5.2%
-0.5%
4.6%
-2.6%
0.0%
-
0.0%
11.1%
2.5%
0.0%
18.5%
0.2%
0.0%
8.1%
7.8%
157.5%
-117.9%
-111.8%
The indicators of the financial position are as of the last day of the corresponding period
Key Indicators of the Financial Position
Key Indicators of the Financial Results
60,000
4,000
50,000
3,000
40,000
2,000
30,000
20,000
1,000
10,000
-
Assets
Loans
As of 30.06.12
Deposits
As of 31.12.11
Equity
As of 30.06.11
Key Ratios
2012 1st half
NPE
NPT
OCI
2011 1st half
Favorable rankings
Cost to Income Ratio
97.3%
Liquidity
9th rank by the Net Non-Interest Income
51.5%
Leverage
-50%
-1,000
Income Interest
Income
15.0%
PM
-1.0%
NIM
3.5%
ROE
-0.5%
ROA
-0.1%
0%
© 2012 KPMG Armenia cjsc. All rights reserved.
50%
100%
15
Bank Profiles (continued)
Armbusinessbank
Key Financial Indicators
Assets
Interest Earning Assets
Loans
Liabilities
Deposits
Equity
Charter Capital
Income
Interest Income
Net Provision Expenses
Net Profit (Loss) after Taxes
Total Comprehensive Income
*
Amount, mln AMD
Share in
2012 1st
2011 1st
Rank
2011*
total, %
half*
half*
183,423
146,610
120,377
162,233
100,341
21,191
17,500
9,303
8,199
(2,173)
(1,298)
(1,342)
167,138
121,787
108,742
144,605
94,229
22,533
17,500
16,481
14,848
(1,630)
893
967
143,687
105,074
96,629
124,988
72,769
18,699
13,450
7,989
6,856
(322)
1,027
1,184
8.3%
8.3%
8.4%
8.9%
8.9%
5.5%
7.7%
7.1%
7.5%
18.7%
-7.3%
-7.2%
4
5
5
4
5
6
3
6
5
2
20
21
Change, %
30.06.12
30.06.12
/31.12.11
/30.06.11
9.7%
20.4%
10.7%
12.2%
6.5%
-6.0%
0.0%
-
27.7%
39.5%
24.6%
29.8%
37.9%
13.3%
30.1%
16.4%
19.6%
574.1%
-226.5%
-213.3%
The indicators of the financial position are as of the last day of the corresponding period
Key Indicators of the Financial Position
Key Indicators of the Financial Results
200,000
10,000
160,000
7,500
120,000
5,000
80,000
2,500
40,000
-
Assets
Loans
Deposits
Equity
-2,500
As of 30.06.12
As of 31.12.11
As of 30.06.11
2012 1st half
NPE
NPT
OCI
2011 1st half
Favorable rankings
Key Ratios
Cost to Income Ratio
73.5%
Liquidity
11.6%
PM
-14.0%
NIM
1.8%
ROE
-5.9%
ROA
-0.7%
0%
© 2012 KPMG Armenia cjsc. All rights reserved.
50%
Among the top 10 banks by all the key financial
indicators.
News
65.6%
Leverage
-50%
Income Interest
Income
100%
In February 2012 ABB signed a Memorandum of
Understanding with “The Pragma Corporation”,
primary contractor of the USAID Enterprise
Development and Market Competitiveness
program, becoming one of the three partner banks
of the program.
In March 2012 ABB signed an agreement with BPC
Banking Technologies aimed at development of its
own processing center based on Smart Vista
Software.
In January and May 2012 Armbusinessbank
opened two new branches.
16
Bank Profiles (continued)
VTB Bank (Armenia)
Key Financial Indicators
Amount, mln AMD
Share in
2012 1st
2011 1st
Rank
2011*
total, %
half*
half*
Assets
Interest Earning Assets
Loans
Liabilities
Deposits
Equity
Charter Capital
Income
Interest Income
Net Provision Expenses
Net Profit (Loss) after Taxes
Total Comprehensive Income
*
181,490
159,839
137,007
151,784
95,663
29,706
13,776
14,513
13,292
(2,772)
1,968
1,910
177,477
155,372
122,742
149,930
79,478
27,547
13,776
21,118
17,247
(4,332)
1,670
1,707
151,922
126,155
104,245
123,280
78,908
28,642
13,776
9,806
8,098
(94)
2,620
2,713
8.2%
9.1%
9.5%
8.3%
8.5%
7.7%
6.1%
11.1%
12.2%
23.9%
11.0%
10.3%
5
4
3
5
6
5
6
2
1
1
3
5
Change, %
30.06.12
30.06.12
/31.12.11
/30.06.11
2.3%
2.9%
11.6%
1.2%
20.4%
7.8%
0.0%
-
19.5%
26.7%
31.4%
23.1%
21.2%
3.7%
0.0%
48.0%
64.1%
2850.8%
-24.9%
-29.6%
The indicators of the financial position are as of the last day of the corresponding period
Key Indicators of the Financial Position
Key Indicators of the Financial Results
200,000
15,000
160,000
12,000
120,000
9,000
6,000
80,000
3,000
40,000
-
Assets
Loans
As of 30.06.12
Deposits
As of 31.12.11
Equity
-3,000
2012 1st half
As of 30.06.11
Key Ratios
Income Interest
Income
NPE
NPT
OCI
2011 1st half
Favorable rankings
Cost to Income Ratio
43.5%
Liquidity
75.5%
News
Leverage
16.4%
PM
13.6%
NIM
5.1%
ROE
6.9%
ROA
Among the top 10 banks by all the key financial
indicators.
In April 2012 VTB Bank (Armenia) opened a new
branch in Yerevan.
1.1%
0%
© 2012 KPMG Armenia cjsc. All rights reserved.
50%
100%
17
Bank Profiles (continued)
Araratbank
Key Financial Indicators
Assets
Interest Earning Assets
Loans
Liabilities
Deposits
Equity
Charter Capital
Income
Interest Income
Net Provision Expenses
Net Profit (Loss) after Taxes
Total Comprehensive Income
*
Amount, mln AMD
Share in
2012 1st
2011 1st
Rank
2011*
total, %
half*
half*
109,401
66,928
48,491
95,390
72,662
14,011
5,962
5,638
4,858
(162)
1,859
2,038
87,576
66,547
38,380
75,335
54,977
12,241
5,962
8,317
6,664
(326)
2,214
2,229
68,367
48,707
32,174
57,237
42,355
11,130
5,962
3,822
3,170
(130)
1,107
1,118
5.0%
3.8%
3.4%
5.2%
6.5%
3.6%
2.6%
4.3%
4.5%
1.4%
10.4%
11.0%
9
11
12
9
8
13
18
11
10
11
5
3
Change, %
30.06.12
30.06.12
/31.12.11
/30.06.11
24.9%
0.6%
26.3%
26.6%
32.2%
14.5%
0.0%
-
60.0%
37.4%
50.7%
66.7%
71.6%
25.9%
0.0%
47.5%
53.2%
24.6%
68.0%
82.3%
The indicators of the financial position are as of the last day of the corresponding period
Key Indicators of the Financial Position
Key Indicators of the Financial Results
120,000
6,000
100,000
5,000
80,000
4,000
60,000
3,000
40,000
2,000
20,000
1,000
Assets
Loans
As of 30.06.12
Deposits
As of 31.12.11
Equity
As of 30.06.11
Key Ratios
Income
-1,000
Interest
Income
2012 1st half
NPE
NPT
OCI
2011 1st half
Favorable rankings
Cost to Income Ratio
9th rank by the Assets
8th rank by the Deposits
5th rank by the Net Profit After Taxes
37.0%
Liquidity
44.3%
Leverage
News
12.8%
In January 2012 Ararat bank signed an agreement of
USD 4 million with EDB aimed at SME and Micro
lending.
33.0%
PM
NIM
4.8%
In April and June 2012 the Araratbank opened two
new branches in Yerevan.
14.2%
ROE
ROA
1.9%
0%
© 2012 KPMG Armenia cjsc. All rights reserved.
50%
100%
In June 2012 Araratbank reported that the bank is
planning to have an IPO in NASDAQ OMX Armenia in
September – October 2012.
18
Bank Profiles (continued)
Ameria Bank
Key Financial Indicators
Amount, mln AMD
Share in
2012 1st
2011 1st
Rank
2011*
total, %
half*
half*
Assets
Interest Earning Assets
Loans
Liabilities
Deposits
Equity
Charter Capital
Income
Interest Income
Net Provision Expenses
Net Profit (Loss) after Taxes
Total Comprehensive Income
*
221,859
176,834
151,838
185,217
104,884
36,642
25,448
11,113
9,443
(848)
2,504
2,525
200,943
158,706
134,053
166,171
91,333
34,772
25,448
18,546
16,269
(305)
4,055
4,100
177,440
143,020
115,029
145,097
82,654
32,343
25,448
7,904
7,263
(434)
1,587
1,671
10.0%
10.1%
10.6%
10.2%
9.3%
9.4%
11.3%
8.5%
8.7%
7.3%
14.0%
13.6%
2
2
2
2
3
2
2
3
3
6
2
2
Change, %
30.06.12
30.06.12
/31.12.11
/30.06.11
10.4%
11.4%
13.3%
11.5%
14.8%
5.4%
0.0%
-
25.0%
23.6%
32.0%
27.7%
26.9%
13.3%
0.0%
40.6%
30.0%
95.4%
57.7%
51.1%
The indicators of the financial position are as of the last day of the corresponding period
Key Indicators of the Financial Position
Key Indicators of the Financial Results
12,000
250,000
10,000
200,000
8,000
150,000
6,000
100,000
4,000
50,000
2,000
Assets
Loans
As of 30.06.12
Deposits
As of 31.12.11
Equity
As of 30.06.11
Key Ratios
-2,000
Income Interest
Income
2012 1st half
NPE
NPT
OCI
2011 1st half
Favorable rankings
Cost to Income Ratio
38.5%
Liquidity
68.4%
Leverage
News
16.5%
In April 2012 Ameria Bank opened a new branch in
Yerevan.
22.5%
PM
NIM
Among the top 10 banks by all the key financial
indicators.
3.1%
7.0%
ROE
ROA
1.2%
0%
© 2012 KPMG Armenia cjsc. All rights reserved.
50%
100%
19
Bank Profiles (continued)
Mellat Bank
Key Financial Indicators
Amount, mln AMD
Share in
2012 1st
2011 1st
Rank
2011*
total, %
half*
half*
Assets
Interest Earning Assets
Loans
Liabilities
Deposits
Equity
Charter Capital
Income
Interest Income
Net Provision Expenses
Net Profit (Loss) after Taxes
Total Comprehensive Income
*
17,150
12,091
2,779
6,545
2,210
10,605
6,850
660
423
92
329
329
26,370
15,164
2,076
16,093
1,991
10,277
6,850
4,370
856
568
2,157
2,157
43,555
35,555
2,200
33,808
2,376
9,747
6,850
2,688
2,045
631
1,627
1,627
0.8%
0.7%
0.2%
0.4%
0.2%
2.7%
3.0%
0.5%
0.4%
-0.8%
1.8%
1.8%
20
20
21
20
21
16
14
21
21
20
15
15
Change, %
30.06.12
30.06.12
/31.12.11
/30.06.11
-35.0%
-20.3%
33.9%
-59.3%
11.0%
3.2%
0.0%
-
-60.6%
-66.0%
26.3%
-80.6%
-7.0%
8.8%
0.0%
-75.4%
-79.3%
-85.4%
-79.8%
-79.8%
The indicators of the financial position are as of the last day of the corresponding period
Key Indicators of the Financial Position
Key Indicators of the Financial Results
50,000
3,000
40,000
2,500
2,000
30,000
1,500
20,000
1,000
10,000
500
-
Assets
As of 30.06.12
Loans
Deposits
As of 31.12.11
Equity
As of 30.06.11
Income
Interest
Income
2012 1st half
NPE
NPT
2011 1st half
Key Ratios
Cost to Income Ratio
50.7%
Liquidity
16.2%
Leverage
61.8%
49.8%
PM
NIM
3.0%
ROE
3.1%
ROA
1.5%
0%
© 2012 KPMG Armenia cjsc. All rights reserved.
50%
100%
20
Bank Profiles (continued)
BTA Bank
Key Financial Indicators
Amount, mln AMD
Share in
2012 1st
2011 1st
Rank
2011*
total, %
half*
half*
Assets
Interest Earning Assets
Loans
Liabilities
Deposits
Equity
Charter Capital
Income
Interest Income
Net Provision Expenses
Net Profit (Loss) after Taxes
Total Comprehensive Income
*
9,771
6,783
4,889
4,247
2,415
5,524
6,520
668
615
77
121
118
9,383
6,509
4,708
3,976
2,075
5,407
6,520
1,274
1,176
16
207
192
9,052
6,107
4,203
3,602
1,684
5,450
6,520
659
568
93
232
235
0.4%
0.4%
0.3%
0.2%
0.2%
1.4%
2.9%
0.5%
0.6%
-0.7%
0.7%
0.6%
21
21
20
21
20
21
16
20
20
19
17
16
Change, %
30.06.12
30.06.12
/31.12.11
/30.06.11
4.1%
4.2%
3.8%
6.8%
16.4%
2.2%
0.0%
-
7.9%
11.1%
16.3%
17.9%
43.4%
1.4%
0.0%
1.4%
8.2%
-17.3%
-47.7%
-50.1%
The indicators of the financial position are as of the last day of the corresponding period
Key Indicators of the Financial Position
Key Indicators of the Financial Results
10,000
700
600
8,000
500
6,000
400
300
4,000
200
2,000
100
-
Assets
As of 30.06.12
Loans
Deposits
As of 31.12.11
Equity
As of 30.06.11
-100
Income
Interest
Income
2012 1st half
NPE
NPT
OCI
2011 1st half
Key Ratios
Cost to Income Ratio
88.3%
Liquidity
50.0%
Leverage
56.5%
18.2%
PM
NIM
6.7%
ROE
2.2%
ROA
1.3%
0%
© 2012 KPMG Armenia cjsc. All rights reserved.
50%
100%
21
Bank Profiles (continued)
Prometey Bank
Key Financial Indicators
Assets
Interest Earning Assets
Loans
Liabilities
Deposits
Equity
Charter Capital
Income
Interest Income
Net Provision Expenses
Net Profit (Loss) after Taxes
Total Comprehensive Income
*
Amount, mln AMD
Share in
2012 1st
2011 1st
Rank
2011*
total, %
half*
half*
43,838
36,865
28,727
24,352
13,371
19,485
14,400
2,511
2,222
(182)
783
717
40,830
32,274
25,544
22,061
11,411
18,769
14,400
4,171
3,433
(263)
1,157
1,252
33,417
27,539
21,095
15,295
7,041
18,122
14,400
1,884
1,521
(238)
561
605
2.0%
2.1%
2.0%
1.3%
1.2%
5.0%
6.4%
1.9%
2.0%
1.6%
4.4%
3.9%
18
17
16
19
18
7
4
17
17
10
10
12
Change, %
30.06.12
30.06.12
/31.12.11
/30.06.11
7.4%
14.2%
12.5%
10.4%
17.2%
3.8%
0.0%
-
31.2%
33.9%
36.2%
59.2%
89.9%
7.5%
0.0%
33.3%
46.1%
-23.4%
39.4%
18.5%
The indicators of the financial position are as of the last day of the corresponding period
Key Indicators of the Financial Position
50,000
Key Indicators of the Financial Results
3,000
2,500
40,000
2,000
30,000
1,500
20,000
1,000
10,000
500
-
Assets
As of 30.06.12
Loans
Deposits
As of 31.12.11
Equity
As of 30.06.11
Key Ratios
Income
-500
Interest
Income
2012 1st half
NPE
NPT
OCI
2011 1st half
Favorable rankings
Cost to Income Ratio
32.4%
Liquidity
4th rank by the Charter Capital
10th rank by the Net Profit After Taxes
65.5%
Leverage
44.4%
News
31.2%
PM
NIM
4.3%
ROE
4.1%
ROA
1.8%
0%
© 2012 KPMG Armenia cjsc. All rights reserved.
50%
In April 2012 Prometey Bank opened two new
branches in Yerevan and Abovyan.
100%
22
Bank Profiles (continued)
Unibank
Key Financial Indicators
Amount, mln AMD
Share in
2012 1st
2011 1st
Rank
2011*
total, %
half*
half*
Assets
Interest Earning Assets
Loans
Liabilities
Deposits
Equity
Charter Capital
Income
Interest Income
Net Provision Expenses
Net Profit (Loss) after Taxes
Total Comprehensive Income
*
132,457
100,847
91,979
114,735
104,121
17,723
11,401
8,343
6,627
(254)
953
1,054
114,543
92,909
84,204
97,874
90,590
16,669
11,401
15,918
12,095
(1,855)
1,807
1,666
112,859
84,933
72,504
96,565
89,054
16,295
11,401
7,394
5,660
(491)
1,043
1,095
6.0%
5.7%
6.4%
6.3%
9.2%
4.6%
5.0%
6.4%
6.1%
2.2%
5.3%
5.7%
7
7
7
7
4
8
8
7
7
8
9
9
Change, %
30.06.12
30.06.12
/31.12.11
/30.06.11
15.6%
8.5%
9.2%
17.2%
14.9%
6.3%
0.0%
-
17.4%
18.7%
26.9%
18.8%
16.9%
8.8%
0.0%
12.8%
17.1%
-48.3%
-8.6%
-3.8%
The indicators of the financial position are as of the last day of the corresponding period
Key Indicators of the Financial Position
140,000
Key Indicators of the Financial Results
10,000
120,000
8,000
100,000
6,000
80,000
4,000
60,000
40,000
2,000
20,000
-
-
-2,000
Assets
As of 30.06.12
Loans
Deposits
As of 31.12.11
Equity
2012 1st half
As of 30.06.11
Key Ratios
Income Interest
Income
NPE
NPT
OCI
2011 1st half
Favorable rankings
Cost to Income Ratio
64.6%
Liquidity
69.4%
Leverage
News
13.4%
In January 2012 Unibank introduced new system
“Salesforce” for Customer Relations Management.
11.4%
PM
NIM
2.6%
ROE
5.5%
ROA
Among the top 10 banks by all the key financial
indicators.
In May 2012 the bank opened two new branches in
Yerevan.
0.8%
0%
© 2012 KPMG Armenia cjsc. All rights reserved.
50%
100%
23
Bank Profiles (continued)
ArmSwissBank
Key Financial Indicators
Assets
Interest Earning Assets
Loans
Liabilities
Deposits
Equity
Charter Capital
Income
Interest Income
Net Provision Expenses
Net Profit (Loss) after Taxes
Total Comprehensive Income
*
Amount, mln AMD
Share in
2012 1st
2011 1st
Rank
2011*
total, %
half*
half*
48,623
44,626
26,257
37,354
17,202
11,268
7,002
2,892
2,636
(157)
748
759
47,979
41,431
21,842
37,505
15,740
10,474
7,002
4,767
4,327
(301)
1,199
1,444
38,398
34,706
17,953
28,357
13,388
10,041
7,002
2,117
1,944
(430)
321
1,011
2.2%
2.5%
1.8%
2.1%
1.5%
2.9%
3.1%
2.2%
2.4%
1.4%
4.2%
4.1%
15
15
18
15
17
15
12
15
15
12
12
11
Change, %
30.06.12
30.06.12
/31.12.11
/30.06.11
1.3%
7.7%
20.2%
-0.4%
9.3%
7.6%
0.0%
-
26.6%
28.6%
46.3%
31.7%
28.5%
12.2%
0.0%
36.6%
35.6%
-63.3%
133.0%
-24.9%
The indicators of the financial position are as of the last day of the corresponding period
Key Indicators of the Financial Position
Key Indicators of the Financial Results
3,000
50,000
2,500
40,000
2,000
30,000
1,500
20,000
1,000
10,000
500
Assets
As of 30.06.12
Loans
Deposits
As of 31.12.11
Equity
As of 30.06.11
Income
-500
Interest
Income
2012 1st half
NPE
NPT
OCI
2011 1st half
Key Ratios
Cost to Income Ratio
28.1%
Liquidity
54.0%
Leverage
23.2%
25.9%
PM
NIM
2.9%
6.9%
ROE
ROA
1.5%
0%
© 2012 KPMG Armenia cjsc. All rights reserved.
50%
100%
24
Bank Profiles (continued)
ProCredit Bank
Key Financial Indicators
Amount, mln AMD
Share in
2012 1st
2011 1st
Rank
2011*
total, %
half*
half*
Assets
Interest Earning Assets
Loans
Liabilities
Deposits
Equity
Charter Capital
Income
Interest Income
Net Provision Expenses
Net Profit (Loss) after Taxes
Total Comprehensive Income
*
35,385
29,325
28,178
29,633
12,710
5,752
6,490
2,317
2,100
(119)
(198)
(198)
30,650
25,039
24,067
24,822
11,217
5,828
6,490
3,837
3,422
(152)
- 313
- 314
27,295
21,740
20,303
21,709
9,778
5,586
6,490
1,814
1,619
(63)
- 150
- 150
1.6%
1.7%
2.0%
1.6%
1.1%
1.5%
2.9%
1.8%
1.9%
1.0%
-1.1%
-1.1%
19
19
17
18
19
20
17
18
18
14
19
19
Change, %
30.06.12
30.06.12
/31.12.11
/30.06.11
15.4%
17.1%
17.1%
19.4%
13.3%
-1.3%
0.0%
-
29.6%
34.9%
38.8%
36.5%
30.0%
3.0%
0.0%
27.7%
29.7%
89.4%
-31.3%
-31.3%
The indicators of the financial position are as of the last day of the corresponding period
Key Indicators of the Financial Position
40,000
Key Indicators of the Financial Results
2,500
2,000
30,000
1,500
20,000
1,000
500
10,000
Income
Assets
Loans
As of 30.06.12
Deposits
As of 31.12.11
Equity
As of 30.06.11
Key Ratios
Interest
Income
2012 1st half
NPE
NPT
OCI
2011 1st half
News
Cost to Income Ratio
107.9%
Liquidity
In May 2012 the Procredit Bank opened a new
branch in Yerevan.
79.6%
Leverage
16.3%
PM
-50%
-500
-8.5%
NIM
4.6%
ROE
-3.4%
ROA
-0.6%
0%
© 2012 KPMG Armenia cjsc. All rights reserved.
50%
100%
150%
25
Appendix 1
Shareholders Structure & General Information
The shareholding structure of the Armenian banks is very different. There are both resident and nonresident shareholders. Meanwhile, almost in all the Armenian banks non-resident shareholders are
presented. Non-resident participants, both legal entities and individuals, are mainly from Russia,
Switzerland, Iran, Lebanon, Liechtenstein, France, United Kingdom, USA and Kazakhstan. There are
several international organizations that have shares in several Armenian banks (e.g. IFC, DEG,
EBRD, KfW and OPEC Fund for International Development).
During the reviewed period there were no mergers and/or acquisitions within the sector.
Anelik Bank
Shareholders (> 5%):
Credit Bank S.A.L.
Samvel Chzmachian
Galina Voronina
Armen Ghazaryan
Areximbank-Gazprombank
Group
(69.5%)
(12.3%)
(12.3%)
(6%)
Branches: 12 (6 in Yerevan)
Staff: 499 employees
Artsakh Bank
Shareholders (> 5%):
Vartan Sirmakes
Hrach Gabrielyan
Shareholders (> 5%):
"Gazprombank" OJSC
(100%)
Branches: 16 (7 in Yerevan)
Staff: 422 employees
Armenian Development Bank
(43.1%)
(39.1%)
Branches: 18 (6 in Yerevan)
Staff: 570 employees
Byblos Bank Armenia
Shareholders (> 5%):
Ruben Hayrapetyan
Arayik Mekhakyan
Grigor Termenjyan
Onik Aleksanyan
“Eastinvestor” LLC
(20%)
(17%)
(16%)
(10.2%)
( 9.1%)
Branches: 6 (3 in Yerevan)
Staff: 150 employees
Inecobank
Shareholders (> 5%):
“Center for Business
Investments”LLC
(97.2%)
Branches: 55 (13 in Yerevan)
Staff: 1,172 employees
HSBC Bank Armenia
Shareholders (> 5%):
HSBC Europe BV
Wings Establishment
(70%)
(30%)
Branches: 8 (8 in Yerevan)
Staff: 398 employees
Converse Bank
Shareholders (> 5%):
Byblos Bank S.A.L.
(65%)
EBRD
(25%)
OPEC Fund for International
Development
(10%)
Shareholders (> 5%):
Avetis Baloyan
Karen Safaryan
DEG
IFC
Branches: 4 (3 in Yerevan)
Staff: 88 employees
Branches: 14 (7 in Yerevan)
Staff: 501 employees
© 2012 KPMG Armenia cjsc. All rights reserved.
Ardshininvestbank
(37.1%)
(33.2%)
(13.5%)
(10%)
Shareholders (> 5%):
"Advanced Global Investments”
LLC
(95%)
Mother See of Holy Etchmiadzin
Catholicosate
(5%)
Branches: 29 (10 in Yerevan)
Staff: 587 employees
26
Appendix 1
Shareholders Structure & General Information
(continued)
ACBA-Credit Agricole Bank
Armeconombank
Armbusinessbank
Shareholders (> 5%):
CREDIT AGRICOLE S.A
(15.6%)
Sacam International SJSC (12.4%)
Mutual Regional Village
Associations from all
marzes of RA
(71%)
Shareholders (> 5%):
Saribek Sukiasyan
Khachatur Sukiasyan
Robert Sukiasyan
EBRD
Branches: 42 (6 in Yerevan)
Staff: 1016 employees
Branches: 39 (19 in Yerevan)
Staff: 936 employees
VTB Bank (Armenia)
Shareholders (> 5%):
“VTB” OJSC
(100%)
Branches: 68 (24 in Yerevan)
Staff: 739 employees
Mellat Bank
Shareholders (> 5%):
Bank Mellat of I.R.I
Ararat Bank
(100%)
Shareholders (> 5%):
"Flash" Ltd.
EBRD
(74.2%)
(25%)
Branches: 41 (20 in Yerevan)
Staff: 497 employees
Unibank
Shareholders (> 5%):
"BTA Bank" JSC
ZRL Beteiligungs AG
"Mobilex Energy
Limited" Ltd.
(48.9%)
(31.1%)
(16.2%)
Branches: 41 (20 in Yerevan)
Staff: 857 employees
Branches: Staff: 95 employees
Branches: 31 (12 in Yerevan)
Staff: 645 employees
Shareholders (> 5%):
Ameria Group (CY) Limited (100%)
Branches: 9 (5 in Yerevan)
Staff: 422 employees
Shareholders (> 5%):
"Prometey City" LLC
"ZakNeftegazstroy
Prometey" OJSC
(50%)
(46.1%)
Branches: 8 (6 in Yerevan)
Staff: 144 employees
ArmSwissBank
Shareholders (> 5%):
Vartan Sirmakes
(100%)
Prometey Bank
Branches: 5 (4 in Yerevan)
Staff: 127 employees
Shareholders (> 5%):
Ripatonso Holdings Limited 75.4%)
Gagik Zakaryan
(12.3%)
Georgi Piskov
(12.3%)
Shareholders (> 5%):
CHRYSTIE
MANAGEMENT INC.
Ameria Bank
BTA Bank
Branches: Staff: 39 employees
© 2012 KPMG Armenia cjsc. All rights reserved.
(22.6%)
(19.5%)
(10.3%)
(25%)
ProCredit Bank
(100%)
Shareholders (> 5%):
ProCredit Holding
EBRD
KfW
(68.5%)
(16.7%)
(14.9%)
Branches: 12 ( 9 in Yerevan)
Staff: 311 employees
27
Appendix 2
Sector Insights
Assets
As of 30 June 2012 assets grew in 20 banks and only “Mellat Bank” CJSC suffered a decrease.
The interest earning assets form 80% of total assets of the banks. As of 30 June 2012 interest
earning assets of banks grew by 25.9% compared with 30 June 2011. In the meantime, the
interest income has grown by 25.8%.
The net interest margin was 3.5% for the reviewed period. (2011 1st half : 3.9%)
As of 30 June 2012 “ACBA-Credit Agricole Bank” CJSC had the highest value of assets - about
240 billion AMD, which is 10.9% of the total assets of banking system. “BTA Bank” CJSC had the
lowest level - 9.8 billion AMD (0.4% in total assets). It is worthwhile mentioning that the top five
banks (ranked by assets) totaled 46.4% of the assets of the banking system as of 30 June 2012.
Nevertheless, the banking industry concentration is not high and is defined as unconcentrated
according to the Herfindahl-Hirschman Index, which has the value of 0.068. Compared with the
reporting period of 31 December 2011 the HHI increased by only 0.001 point.
Loans
As of 30 June 2012 the top five banks (ranked by loans) totaled 48.5% of the total outstanding
loans as of 30 June 2012.
The major part (97.2 %) of the total sum of the outstanding loans were provided to residents of
Armenia from which 60.6% were companies (state owned companies were provided with only
1.2% of this amount), 35.9% households and only a small part were not for profit organizations
and other financial organizations (OFI). Compared with the same quarter of the previous year the
share of loans to households in the total amount of outstanding loans has decreased and the share
of companies has slightly increased.
Structure of loans by creditors
Non-residents
3%
Residents
97%
© 2012 KPMG Armenia cjsc. All rights reserved.
Private sector
59.4%
Households
35.9%
OFI
2.1%
Not for Profit
Organizations
1.5%
State owned
companies
1.2%
As for the base currencies of
the loans, it should be noted
that households and other
financial institutions are
mainly provided with loans in
AMD (65.8% and 67.9% of
total loans provided to them
respectively) in contrast to
companies and non for profit
organizations which prefer
loans in foreign currencies
(81.9% and 91% of total
loans provided to them
respectively).
28
Appendix 2
Sector Insights (continued)
Loans to industry, trade sector loans and consumer loans traditionally make up the major part of
total loans for the banks, 24%, 23% and 18% respectively for the reviewed period. The biggest
growth in lending was in the agriculture and the service sector (volume of loans grew by 27% in
each sector).
Structure of loans by economy sectors
4%
9%
Industry
24%
Agriculture
Construction
18%
Transport and Communication
7%
Trade
Service sector
5%
7%
3%
23%
Consumer loans
Mortgage
Other
The biggest loan portfolio
belonged to “ACBACredit Agricole Bank”
CJSC, which comprised
11.4% of the total
banking system for the
reviewed period.
As of 30 June 2012 the
loans/deposits ratio was
1.27 compared with 1.26
calculated as of 30 June
2011.
Liabilities
As of 30 June 2012 banking system total liabilities grew by 29.1%, compared with the figure as of
30 June 2011, to reach 1,822 billion AMD, of which 62% are deposits and 31% are liabilities to
other banks and financial institutions.
Deposits
As of 30 June 2012 the biggest share in term deposits were held by households (77% of total
amount of term deposits), while on-demand deposits were mostly held by the companies (44%).
Structure of deposits
Non
residents
21%
On
demand
33%
AMD
30%
Term
67%
Residents
78%
Other
currency 70%
The major part of outstanding balance of the deposits was from the residents (79%), 67% of
which were term deposits. The deposits were held mainly in foreign currencies.
© 2012 KPMG Armenia cjsc. All rights reserved.
29
Appendix 2
Sector Insights (continued)
Structure of deposits
6%
5% 1%
5.8% of total amount of on demand deposits).
As the diagram shows, households had the
biggest share (66%) in the total amount of
deposits and were followed by companies who
held 22% of the total deposits.
The highest level of deposits were held by
“HSBC Bank Armenia” CJSC - about 127.5 billion
AMD, which comprises 11.3% of the total
deposits of the banking system of Armenia.
22%
66%
Households
Non for Profit Organizations
State owned companies
Private companies
OFI
As of 30 June 2012 Inecobank and Converse
bank had a decrease in deposits of 16% and 42%
respectively compared to the period ended 31
December 2011, and the deposits of Mellat Bank
decreased by 7% compared to 30 June 2011.
Equity
The 10% increase of equity as of 30 June 2012 compared to the same period in 2011, was mainly due to the
additions to the charter capital (3.4% increase compared to the figure for the previous period) and the increase of
retained earnings (26% increase compared to the figure for the previous period). 2 banks (Inecobank, ABB) out of
21 made injections to their share capital since 30 June 2011.
The total equity to total assets ratio was 17.6%, which is 3.4 percentage points less compared to the same ratio
for 2011.
As of 30 June 2012 “ACBA-Credit Agricole Bank” CJSC had the highest level of equity - about 47.3 billion AMD,
which is 12.2% of the total equity of the banking system. “BTA Bank” CJSC had the lowest level - 5.5 billion AMD
(1.4% in total equity). 46.4% of the total equity of the banking system belonged to the top five banks (ranked by
the equity) as of 30 June 2012.
Income
Income from interest was about 109 billion AMD, which is about 83.1% (2011 1st half year: 81.7%) of the total
income of the banking system. 46.6% total income of the banking system belonged to the top 5 banks (ranked by
the total income).
During the reported period, all the banks increased their incomes compared to the same period in 2011 except
Mellat Bank, which had more than 75% decrease in total income.
Profit/loss
During the reported period, 17 banks operating in Armenia were profitable (totaled AMD 25.8 billion profit before
taxes), while 4 banks (Anelk Bank, ArmEconomBank, ArmBusinessBank and ProCredit Bank) incurred total losses
of AMD 2.9 billion.
During the reported period, despite the economic recovery several most of the banks have increased their net
provisions compared to the previous period in 2011.
Net profit after taxes of the banking system for the period ended 30 June 2012 was AMD 17.9 billion.
Ratios
For the period ended 30 June 2012 the return on assets (ROA) and the return on equity (ROE) ratios for the
Armenian banking system were 0.8% and 4.7% respectively. “Inecobank” CJSC and “Ararat Bank” CJSC had the
ROA – 1.9% and “Ararat Bank” CJSC had the highest ROE – 14.2%
For the period ended 30 June 2012 the net interest margin and profit margin for the Armenian banking system
was 3.5% and 13.6% respectively. “BTA Bank” CJSC had the highest net interest margin – 6.7% and “Mellat
Bank” CJSC had the highest profit margin of 49.8%.
© 2012 KPMG Armenia cjsc. All rights reserved.
30
Appendix 3
Key Financial Indicators
Key Indicators of the Financial Position as of 30.06.2012
Assets
Interest
Earning
Assets
Gross
Advances
to
Customers
Loans
Liabilities Deposits Equity
Charter
Capital
76,880
54,175
53,365
40,313
62,684
36,967 14,196
10,816
115,589
94,372
91,043
90,337
99,350
35,229 16,239
12,347
176,707
133,110
122,492 110,055 143,766 105,806 32,941
13,802
81,083
65,384
59,671
55,836
68,992
44,447 12,091
6,561
44,678
34,357
31,572
31,403
36,500
28,742
8,178
4,526
197,691
169,869
142,749 124,085 164,349 127,460 33,342
10,439
7 "Byblos Bank Armenia" CJSC
45,251
38,707
35,036
25,135
36,223
21,087
9,028
8,125
8 "Inecobank" CJSC
93,370
80,354
75,908
70,952
76,957
24,754 16,414
6,926
9 "Converse Bank Corp"
95,386
70,397
62,529
52,991
78,227
59,251 17,159
4,860
239,801
189,105
185,781 163,412 192,470
82,404 47,331
30,000
11 "Armeconombank" OJSC
59,771
47,095
12 "Armbusinessbank" CJSC
183,423
13 "VTB Bank (Armenia)" CJSC
1 "Anelik Bank" CJSC
2
"Areximbank – Gazprombank
Group" CJSC
3 "Ardshininvestbank" CJSC
4 "Artsakh Bank" CJSC
5
"Armenian Development Bank"
OJSC
6 "HSBC Bank Armenia" CJSC
10
"ACBA-Credit Agricole Bank"
CJSC
8,981
2,333
146,610
128,316 120,377 162,233 100,341 21,191
17,500
181,490
159,839
147,649 137,007 151,784
95,663 29,706
13,776
14 "Ararat Bank" CJSC
109,401
66,928
72,662 14,011
5,962
15 "Ameria Bank" CJSC
221,859
176,834
158,440 151,838 185,217 104,884 36,642
25,448
16 "Mellat Bank" CJSC
17,150
12,091
6,652
2,779
6,545
2,210 10,605
6,850
9,771
6,783
5,135
4,889
4,247
2,415
5,524
6,520
43,838
36,865
32,523
28,727
24,352
13,371 19,485
14,400
132,457
100,847
95,973
91,979 114,735 104,121 17,723
11,401
20 "ArmSwissBank" CJSC
48,623
44,626
28,538
26,257
37,354
17,202 11,268
7,002
21 "ProCredit Bank" CJSC
35,385
29,325
29,306
28,178
29,633
12,710
5,752
6,490
2,209,606
1,757,675
1,595,251 1,435,802 1,821,798 1,126,403 387,808
226,085
17 "BTA Bank" CJSC
18 "Prometey Bank" LLC
19 "UniBank" CJSC
Total
© 2012 KPMG Armenia cjsc. All rights reserved.
42,591
59,984
30,760
48,491
50,790
95,390
34,676
31
Appendix 3
Key Financial Indicators (continued)
Key Indicators of the Financial Position as of 30.06.2011
Assets
Interest
Earning
Assets
Gross
Advances
to
Customers
Loans
Liabilities Deposits
Equity
Charter
Capital
63,624
44,814
42,276
35,373
47,738
29,594 15,887
10,816
80,498
67,235
63,734
62,605
65,405
24,290 15,093
12,347
128,292
105,248
93,260
84,375
97,183
73,560 31,109
13,802
62,026
50,908
45,752
40,337
52,452
38,704
9,574
6,561
31,239
23,751
19,571
18,475
23,778
14,895
7,461
4,526
6 "HSBC Bank Armenia" CJSC
155,157
133,864
113,080
90,843
127,984 109,126 27,173
10,439
7 "Byblos Bank Armenia" CJSC
34,922
30,211
27,546
18,326
26,168
12,437
8,755
8,125
8 "Inecobank" CJSC
68,218
54,633
51,820
43,607
54,683
19,935 13,535
3,463
9 "Converse Bank Corp"
81,283
54,380
48,639
43,297
64,550
46,751 16,734
4,860
192,679
154,984
152,965 127,995 150,566
57,413 42,113
30,000
11 "Armeconombank" OJSC
59,766
42,388
39,687
30,017
50,802
12 "Armbusinessbank" CJSC
143,687
105,074
99,470
96,629
13 "VTB Bank (Armenia)" CJSC
151,922
126,155
68,367
48,707
177,440
143,020
43,555
35,555
32,865
2,200
33,808
2,376
9,747
6,850
9,052
6,107
4,337
4,203
3,602
1,684
5,450
6,520
33,417
27,539
23,243
21,095
15,295
7,041 18,122
14,400
112,859
84,933
79,858
72,504
96,565
89,054 16,295
11,401
20 "ArmSwissBank" CJSC
38,398
34,706
19,624
17,953
28,357
13,388 10,041
7,002
21 "ProCredit Bank" CJSC
27,295
21,740
21,739
20,303
21,709
1 "Anelik Bank" CJSC
2
"Areximbank – Gazprombank
Group" CJSC
3 "Ardshininvestbank" CJSC
4 "Artsakh Bank" CJSC
5
10
"Armenian Development Bank"
OJSC
"ACBA-Credit Agricole Bank"
CJSC
14 "Ararat Bank" CJSC
15 "Ameria Bank" CJSC
16 "Mellat Bank" CJSC
17 "BTA Bank" CJSC
18 "Prometey Bank" LLC
19 "UniBank" CJSC
Total
© 2012 KPMG Armenia cjsc. All rights reserved.
1,763,697 1,395,950
8,964
2,333
124,988
72,769 18,699
13,450
114,045 104,245 123,280
78,908 28,642
13,776
43,019
29,254
32,174
57,237
42,355 11,130
5,962
128,164 115,029
145,097
82,654 32,343
25,448
1,264,693 1,081,588 1,411,246
9,778
5,586
6,490
855,964 352,451
218,572
32
Appendix 3
Key Financial Indicators (continued)
Key Indicators of the Financial Results for the period ended 30.06.2012
Net
NonNet Net NonNet
Operating Operating
Profit
Total Interest
Provision
Interest Interest Interest Income
before
Expenses
Income Income
Expenses
Income Income Income
taxes
Net
Profit
after
taxes
4,447
3,254
972
1,477
900
2,598
2,444
5,963
5,073
352
2,185
110
2,834
2,106
(80)
10,687
8,313
1,283
4,376
1,276
6,743
3,496
(1,597)
1,651 1,342
6,904
4,688
307
2,436
211
4,556
2,785
(501)
1,270 1,123
2,604
2,264
144
976
108
1,280
651
(84)
10,079
8,109
1,287
6,586
1,097
8,367
3,813
(141)
1,914
1,893
36
870
15
871
658
(24)
8 "Inecobank" CJSC
6,424
5,611
376
3,275
322
4,033
1,724
(183)
9 "Converse Bank Corp"
5,397
3,817
693
1,871
540
3,299
2,569
248
6,980
680
8,661
4,996
(1,142)
(95)
1 "Anelik Bank" CJSC
2
"Areximbank –
Gazprombank Group" CJSC
3 "Ardshininvestbank" CJSC
4 "Artsakh Bank" CJSC
5
"Armenian Development
Bank" OJSC
6 "HSBC Bank Armenia" CJSC
7
10
"Byblos Bank Armenia"
CJSC
"ACBA-Credit Agricole
Bank" CJSC
14,685 12,532
1,151
(1,515) (1,361) (1,367)
647
546
529
448
4,412 3,515
188
153
2,126 1,683
977
775
2,522 1,954
11 "Armeconombank" OJSC
3,977
2,900
667
1,521
532
2,464
2,396
12 "Armbusinessbank" CJSC
9,303
8,199
582
2,366
408
3,295
2,421
(2,173) (1,298) (1,298)
8,011
941
9,166
3,989
(2,772)
2,404 1,968
3,235
236
3,860
1,428
(162)
2,270 1,859
5,194
810
6,534
2,516
(848)
3,171 2,504
13 "VTB Bank (Armenia)" CJSC
14,513 13,292
1,007
(42)
5,638
4,858
11,113
9,443
16 "Mellat Bank" CJSC
660
423
139
410
137
646
328
92
411
329
17 "BTA Bank" CJSC
668
615
24
444
7
480
424
77
133
121
18 "Prometey Bank" LLC
2,511
2,222
93
1,498
35
1,729
560
(182)
987
783
19 "UniBank" CJSC
8,343
6,627
679
2,501
556
4,094
2,646
(254)
1,193
953
20 "ArmSwissBank" CJSC
2,892
2,636
84
1,259
71
1,503
423
(157)
923
748
21 "ProCredit Bank" CJSC
2,317
2,100
111
1,239
38
1,382
1,492
(119)
(228)
(198)
11,517 58,712
9,030
78,395
43,867
(11,613)
14 "Ararat Bank" CJSC
15 "Ameria Bank" CJSC
Total
© 2012 KPMG Armenia cjsc. All rights reserved.
131,039 108,868
391
(27)
1,139
22,915 17,881
33
Appendix 3
Key Financial Indicators (continued)
Key Indicators of the Financial Results for the period ended 30.06.2011
NonTotal Interest
Interest
Income Income
Income
Net
Net
Net Net NonNet
Operatin Operating
Profit Profit
Provision
Interest Interest g Income
before after
Expenses
Expenses
Income Income
taxes taxes
3,818
2,675
991
1,526
950
2,628
2,356
(150)
122
32
4,337
3,580
280
1,834
94
2,404
1,736
(140)
529
412
3 "Ardshininvestbank" CJSC
8,607
6,782
942
4,245
927
6,055
3,138
(420) 2,497 1,947
4 "Artsakh Bank" CJSC
4,102
3,435
260
1,838
160
2,405
1,083
(243) 1,078
"Armenian Development
Bank" OJSC
1,609
1,395
99
733
70
918
558
6 "HSBC Bank Armenia" CJSC
8,499
6,676
1,094
5,634
922
7,285
3,818
7 "Byblos Bank Armenia" CJSC
1,396
1,328
43
568
20
614
514
8 "Inecobank" CJSC
4,580
3,796
293
2,355
241
3,086
1,566
9 "Converse Bank Corp"
4,873
3,528
657
1,769
483
2,940
2,118
(423)
12,601 10,482
1,035
6,692
680
8,455
4,374
(221) 3,860 3,030
1 "Anelik Bank" CJSC
2
5
10
"Areximbank – Gazprombank
Group" CJSC
"ACBA-Credit Agricole Bank"
CJSC
11 "Armeconombank" OJSC
3,680
2,691
540
1,555
417
12 "Armbusinessbank" CJSC
7,989
6,856
527
2,428
399
13 "VTB Bank (Armenia)" CJSC
9,806
8,098
940
5,074
885
14 "Ararat Bank" CJSC
3,822
3,170
361
2,025
261
15 "Ameria Bank" CJSC
7,904
571
3,950
388
16 "Mellat Bank" CJSC
2,688
2,045
149
1,131
147
659
568
50
450
18 "Prometey Bank" LLC
1,884
1,521
80
19 "UniBank" CJSC
7,394
5,660
20 "ArmSwissBank" CJSC
2,117
21 "ProCredit Bank" CJSC
1,814
17 "BTA Bank" CJSC
Total
© 2012 KPMG Armenia cjsc. All rights reserved.
2,421
371
326
30 3,497 2,751
48
148
106
(90) 1,431 1,172
165
399
325
324
233
1,904
(322) 1,207 1,027
3,304
(94) 3,329 2,620
1,140
(130) 1,306 1,107
1,965
(434) 2,008 1,587
1,772
364
631 2,039 1,627
37
526
413
93
207
232
1,126
(2)
1,406
474
(238)
694
561
775
2,387
683
4,029
2,233
1,944
46
1,029
32
1,188
357
1,619
97
1,029
24
1,151
1,263
(63) (175) (150)
104,177 85,112
9,833
49,377
7,816
66,425
36,939
(2,910) 26,576 21,228
7,263
3,433
2,261
11
922
6,727
2,576
4,407
(491) 1,305 1,043
(430)
401
321
34
Appendix 4
Contact Details
Anelik Bank
Director: Samvel Chzmachian
Address: Yerevan, Vardanants
str. 13, RA
Tel/Fax: (+37410) 593333,
273333, 226581
TELEX: ANELSU
E-mail: [email protected]
Website: anelik.am
SWIFT: ANIKAM22
Artsakh Bank
Director: Kamo Nersisyan
Address: Yerevan, Kievyan str.3,
RA; Stepanakert, Knunyancneri
25, NKR
Tel/Fax: (+37410) 277719,
277729, 277749
TELEX: E-mail: [email protected]
Website: ab.am
SWIFT: ARTSAM22
Areximbank Gazprombank
Group
Ardshininvestbank
Director: Armen Khandkaryan
Address: Yerevan, 6-10 Northern
ave.,0001, RA
Tel/Fax: (374 10) 514040, 8202,
520995, 51-40-60
TELEX: 243-111 RKARM AM
E-mail: [email protected]
Website: areximbank.am
SWIFT: RKASAM22
Director: Mher Grigoryan
Address: Yerevan, G.Lusavorchi
13, RA
Tel/Fax: (+37410) 528513
567486
TELEX: 243-286 LALA AM
E-mail: [email protected]
Website: ashib.am
SWIFT: ASHBAM22
Armenian Development Bank
HSBC Bank Armenia
Director: Karen Sargsyan
Address: Yerevan, Paronyan str.
21/1, RA
Tel/Fax: (+37410) 591515,
591405
TELEX:(684)243-116ADBAM
E-mail: [email protected]
Website: armdb.com
SWIFT: ARDEAM22
Byblos Bank Armenia
Inecobank
Director: Ararat Ghukasyan
Address: Yerevan, Amiryan
str.18/3, RA
Tel/Fax: (+37410) 530362,
535296
TELEX: 24-33-60 (068)
E-mail: [email protected]
Website: byblosbankarmenia.am
SWIFT: AEIEUS33
Director: Avetis Baloyan
Address: Yerevan, Tumanyan str.
17, RA
Tel/Fax: (+37410) 510510,
510573
TELEX: E-mail: [email protected]
Website: inecobank.am
SWIFT: INJSAM22
ACBA-Credit Agricole Bank
Armeconombank
Director: Stepan Gishian
Address: Yerevan, Byron str.1
Tel/Fax: (+37410) 568585,
543485
TELEX: 243-103 ACBA AM
E-mail: [email protected]
Website: acba.am
SWIFT: AGCAAM22
© 2012 KPMG Armenia cjsc. All rights reserved.
Director: Armen Naljyan
Address: Yerevan, Amiryan str.
23/1
Tel/Fax: (+37410) 563697,
538835, 562705, 538904, 530506
TELEX: 243274MOZG AM
E-mail: [email protected]
Website: aeb.am
SWIFT: ARECAM22
Director: Astrid Clifford
Address: Yerevan, Teryan str. 66,
RA
Tel/Fax: (+37410) 515000,
515001
TELEX: E-mail: [email protected]
Website: hsbc.am
SWIFT: MIDLAM22
Converse Bank
Director: Tigran Davtyan
Address: Yerevan, V.Sargisyan
str. 26/1, RA
Tel/Fax: (+37410) 511200,
511211, 51 12 12
TELEX: 6462 28 49 CONV.RU
E-mail: [email protected]
Website: conversebank.am
SWIFT: COVBAM22
Armbusinessbank
Director: Ara Kirakosyan
Address: Yerevan, Nalbandyan
str. 48
Tel/Fax: (+37410) 592020,
592017, 523929, 54 40 16
TELEX: 243134 IBANK.AM
E-mail:
[email protected]
Website: armbusinessbank.am
SWIFT: ARMNAM 22
35
Appendix 4
Bank Contact Details (continued)
VTB Bank (Armenia)
Director: Yuri Gusyev
Address: Yerevan, Nalbandyan
str. 46
Tel/Fax: (+37410) 580451,
565578
TELEX: E-mail: [email protected]
Website: vtb.am
SWIFT: ARMJAM22
Mellat Bank
Director: Mohammad Bagher
Bagheri
Address: Yerevan, Amiryan str.6,
RA
Tel/Fax: (+37410) 581791,
581523, 540885
TELEX: E-mail: [email protected]
Website: mellatbank.am
SWIFT: BKMTAM22
Unibank
Director: Vardan Atayan
Address: Yerevan, Charenc str.
12/53, RA
Tel/Fax: (+37410) 592259;
595555, 555140
TELEX: 243313 UNI AM
E-mail: [email protected]
Website: unibank.am
SWIFT: UNIJAM22
© 2012 KPMG Armenia cjsc. All rights reserved.
Ararat Bank
Director: Ashot Osipyan
Address: Pushkin str. 19,
Yerevan, RA
Tel/Fax: (+37410) 546363,
547894
TELEX: E-mail: [email protected]
Website: araratbank.am
SWIFT: ARMCAM22
BTA Bank
Director: Nur Bakbergenov
Address: Yerevan, Nalbandyan
str. 48/1, RA
Tel/Fax: (+37410) 527471,
547451б , 527451
TELEX: 243124 ECO AM
E-mail: [email protected]
Website: bta.am
SWIFT: BTAIAM22
ArmSwissBank
Director: George Machanyan
Address: Yerevan, Vazgen
Sargsyan str.10, RA
Tel/Fax: (+37410) 540728,
540736, 540751, 529593,
TELEX: E-mail: [email protected]
Website: аrmswissbank.am
SWIFT: ARSJAM22
Ameria bank
Director: Artak Hanesyan
Address: Yerevan, Grigor
Lusavorchi str.9, RA
Tel/Fax: (+37410) 589906,
561111, 565958
TELEX: 684-243352
E-mail: [email protected]
Website: ameriabank.am
SWIFT: ARMIAM22
Prometey Bank
Director: Emil Soghomonyan
Address: Yerevan, Hanrapetutian
str.44/2, RA
Tel/Fax: (+37410) 562036,
521705, 582977, 545719
TELEX: E-mail: [email protected]
Website: prometeybank.am
SWIFT: PRMLAM22
ProCredit Bank
Director: Asmus Rotne
Address: Yerevan, 105/1 Teryan
Str., area 11, 7th floor
Citadel Business Center, RA
Tel/Fax: (+37410) 514860
TELEX: E-mail: [email protected]
Website: procreditbank.am
SWIFT: PRCBAM22
36
Abbreviations
AMD
Armenian Dram
CBA
Central Bank of Armenia
CJSC
Closed Joint Stock Company
CRM
Customer Relations Management
DEG
Deutsche Investitions und Entwicklungsgesellschaft
EBRD
European Bank for Reconstruction and Development
EDB
Eurasian Development Bank
USAID/EDMC
United States Agency for International Development/
Enterprise Development and Market Competitiveness
GDP
Gross Domestic Product
HHI
Herfindahl-Hirschman Index
IEA
Interest Earning Assets
IFC
International Finance Corporation
KFW
Kreditanstalt für Wiederaufbau (Reconstruction Credit
Institute)
LLC
Limited Liability Company
NfPO
Non for Profit Organizations
NIM
Net interest margin
NPT
Net Profit after Taxes
OCI
Other Comprehensive Income
OFI
Other Financial Institutions
PM
Profit margin
RA
Republic of Armenia
ROA
Return on Assets
ROE
Return on Equity
USD
United States Dollar
© 2012 KPMG Armenia cjsc. All rights reserved.
37
Glossary of Terms
Herfindahl-Hirschman Index
Calculated by squaring the market share of each firm competing in the market and then summing
the resulting numbers. Index below 0.1 indicates an unconcentrated index; index between 0.1 and
0.18 indicates moderate concentration; index above 0.18 indicates high concentration.
Leverage
Calculated as the total equity divided by the total assets.
Liquidity
Calculated as the total outstanding loans divided by the total assets.
Net interest margin
Calculated as the net interest income divided by average interest earning assets.
Profit margin
Calculated as the net profit divided by the total income.
Return on Assets
Calculated as the net profit divided by the average total assets.
Return on Equity
Calculated as the net profit divided by the average total equity.
© 2012 KPMG Armenia cjsc. All rights reserved.
38
Contact us
Andrew Coxshall
Managing Partner, Southern Caucasus
T + 374 10 56-67-62
+ 995 32 93-57-13
E [email protected]
Zaruhi Furunjyan
Manager, Head of Advisory Services
T + 374 10 56-67-62
E [email protected]
www.kpmg.am
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