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ARMENIA-HSBC-PROFIT-LEADERSHIP

January 17, 2014

HSBC Bank Armenia recorded the biggest net profit among Armenian banks in 2013 Yerevan , January 17 . ArmInfo. Karina Melikyan . HSBC Bank Armenia recorded the biggest net profit in Armenia's banking system in 2013 - 8.009bln AMD or 7.3% more than in 2012. As a result, the accumulated profit grew by 26.4% to 20.1bln AMD, with a 16.3% increase in the capital to a total of 41.3bln AMD. According to the bank's financial report, in 2013 its revenues totaled 23.3bln AMD (7.8% growth as compared with 2012), expenses 13.2bln AMD (8.3% growth), pretax profit 10.1bln AMD (6.3% growth). Interest revenues make up 81% of all revenues (10% annual growth), interest expenses 34% of all expenses (36.4% growth). In Q4 2013 alone the bank's expenses grew by 9.1% to 3.6bln AMD, while revenues dropped by 7.9% to 5.7bln AMD. As a result, the pretax and net profits dropped by 26.6% to 2.2bln AMD and 30.3% to 1.6bln AMD, respectively. In 2013 the bank's assets and obligations grew by 18% and 18.2% to 249.4bln AMD and 208.1bln AMD, respectively. In the structure of the assets loans made up 153.2bln AMD, in the structure of the obligations payables to customers made up 159.2bln AMD (17.1% annual growth), while payables to banks and other financial organizations exceeded 40bln AMD (21.2% growth). As of Jan 1 2014 the authorized capital of HSBC Bank Armenia made up 18.4bln AMD (no change as compared with Jan 1 2013). The bank's shareholders are HSBC Europe B.V . (70%) and Wings Establishment (30%). The bank is quite active in trade and economy financing and consumer lending.


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Source: ArmInfo - Newswire (Armenia)


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