According to the results of 9 months of 2019, Ardshinbank increased  its net profit by 76% per annum - up to $ 17.5 million

ArmInfo.According to the results of 9 months of 2019, Ardshinbank increased its net profit by 76% per annum - up to 8.3 billion drams or $ 17.5 million. Only in  the Q3 the bank provided profit at the level of 3.1 billion drams or  $ 6.5 million, with a quarterly growth of 3.3% year on year 2.6 fold  growth. This is evidenced by the data of the published financial  report of Ardshinbank on September 30, 2019.

As noted in the press release received by ArmInfo, the assets of  Ardshinbank as of September 30, 2019 amounted to 672.4 billion drams  ($ 1.4 billion), the loan portfolio - 445.1 billion drams ($ 935.02  million), liabilities - 596.5 billion drams ($ 1.2 billion), and  total capital - 75.9 billion drams ($ 159.5 million).

Ardshinbank continued to record growth in the loan portfolio of  individuals. So, the volume of lending to individuals for the first 9  months of 2019 amounted to 166 billion drams, having increased by 7%  over the Q3 (or more than 10 billion drams).

In the structure of Ardshinbank's liabilities, the amount of customer  funds raised (current accounts and deposits) as of September 30, 2019  amounted to 379.5 billion drams ($ 797.2 million), an increase of  6.4% over the third quarter.

The total capital of Ardshinbank increased in y-o-y terms by 10.3%,  due to the growth of accumulated profit by 38%, authorized capital -  by 4% and reserves (revaluation and principal) - by 11%. The  accumulated profit of the bank by October 1, 2019 reached 15.6  billion drams ($ 32.8 million), having increased over the Q3 - by  25%.  The number of active clients of Ardshinbank increased during  the reporting quarter by 1,500, reaching 250 thousand. 

The Bank said: "The third quarter was marked by significant events for  Ardshinbank - the Trade Finance AWARD 2018 award from the German  Commerzbank was awarded for outstanding achievements in the field of  foreign trade financing, and for the sixth consecutive year the  prestigious international magazine Global Finance awarded Ardshinbank  the "most reliable Bank of the Year " in Armenia. In addition, the  international rating agency Moody's revised the ratings of  Ardshinbank, raising its forecast to" Stable ".  Thus, the long-term  rating of bank deposits in the national currency was upgraded from  "B1" to "Ba3", the long-term rating of bank deposits in foreign  currency - to "B1", the long-term rating of counterparty risk - to  "Ba2", and similarly to the long-term rating of bank deposits in  national currency, the basic credit rating of Ardshinbank was  increased - to "Ba3".  

To recall, Ardshinbank was founded in 2003.  The majority shareholders of Ardshinbank as of July 1, 2019 are Arins  Group LLC (formerly referred to as Business Investment Center LLC)  with a 67.97% equity stake and REGION Industrial and Financial  Corporation CJSC - 29.52%. Ardshinbank is the second largest bank in  Armenia, having one of the largest branch networks, consisting of 63  branches: 18 are located in Yerevan, 42 in the regions and 3 in  Artsakh. The Bank has a rating of international reputable rating  agencies equal to the country rating of Armenia, which is considered  a high rating in world practice. The Banker magazine of The Financial  Times publishing house recognized Ardshinbank the best bank in  Armenia in 2018. (The calculated exchange rate of the dram as of  September 30, 2019 is 476.00 AMD / $ 1).