Armenian Banking Sector Overview

Armenian
Banking Sector
Overview
2014 Results
(non audited)
February 2015
Contents
Basis of Preparation
At a Glance
Sector Highlights
Bank Profiles
Appendix 1: Shareholding Structure & General Information
26
Appendix 2: Sector Insights
28
Appendix 3: Key Financial Indicators
32
Appendix 4: Bank Contact Details
36
KPMG Experience in the Armenian Banking Sector
38
Abbreviations
39
Glossary of Terms
40
Basis of Preparation
This report summarizes and analyzes the financial results of the 21
commercial banks of Armenia for the 4th quarter of 2014, as well as
provides some insights into the recent developments in the sector.
The financial information has been obtained from the published interim
reports for the 4th quarther of 2014. The banks are listed in the
alphabetical order throughout the publication. 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.
All the key ratios are calculated based on the obtained data unless stated
otherwise. There were some changes made to the methodology of
calculation of certain ratios, which are stated in the text. Hence, one shall
consider this while comparing the ratios reported herein with those of our
previous publications.
The general information, such as the 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 31 December 2014. 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.
At a Glance
The banking system remains the biggest part of the Armenian financial market. As of 31 December 2014, there were 21
commercial banks operating in the Republic of Armenia. They had 511 branches in Armenia and in Nagorno Karabakh,
from which 224 were located in Yerevan. The total number of employees in the Armenian commercial banks was about
11,915.
Key Financial Indicators of the Armenian Banking Sector (in million AMD)
Key Financial Indicators*
2014
Assets
Interest Earning Assets
Gross Advances to Customers
Loan portfolio**
Liabilities
Deposits***
Equity
Charter Capital
Total Income
Interest Income
Non-Interest Income
Net Interest Income
Net Non-Interest Income
Net Operating Income****
Operating Expenses
Net Provision Expenses
Net Profit before Taxes
Net Profit after Taxes
Other Comprehensive Income
Total Comprehensive Income
2013
3,410,584
2,603,941
2,350,111
2,162,966
2,921,841
1,701,080
488,743
272,640
353,459
288,677
28,766
140,242
21,025
197,283
(107,315)
(53,216)
36,752
27,155
(11,707)
15,448
Change (2014/2013)
2,938,589
2,182,168
1,946,297
1,784,663
2,469,388
1,623,247
469,201
245,562
320,401
264,355
24,485
131,503
17,810
180,874
(100,901)
(20,121)
59,852
46,292
15,410
61,701
16.1%
19.3%
20.7%
21.2%
18.3%
4.8%
4.2%
11.0%
10.3%
9.2%
17.5%
6.6%
18.1%
9.1%
6.4%
164.5%
-38.6%
-41.3%
-176.0%
-75.0%
The indicators of the financial position are as of the last day of the corresponding period.
Loan portfolio includes loans and the receivables from letters of credits, finance lease and factoring.
Deposits include current accounts.
Net operating income is before provisions and administrative expenses.
*
**
***
****
Top Ten Banks of the Armenian Banking Sector as of 31 December 2014 (in million AMD)
400,000
50,000
350,000
40,000
300,000
30,000
250,000
200,000
20,000
150,000
10,000
100,000
0
50,000
0
Ameria
Assets
VTB
ASHIB
Loans
2015 KPMG Armenia cjsc. All rights reserved.
HSBC
Deposits
ACBA
Equity
ABB
Unibank
Ineco
Converse
Total Income (right axis)
Ararat
-10,000
Net Profit (right axis)

3
Sector Highlights
Assets
16.1%
Loans
21.2%
Deposits
4.8%
Equity
4.2%
Total
income
10.3%
Profit
41.3%
Compared with the 2013, the banking system assets grew by 16.1% and
reached AMD 3,410.6 billion as of 31 December 2014.
For the year ended 31 December 2014 the return on assets (ROA)* for the
Armenian banking system was 0.9%, which decreased by 0.9 percentage
points compared with the same date of 2013.
During the fourth quarter of 2014 there were some changes in the list of
Top 10 Banks in Armenia by assets with "AraratBank" OJSC entering the
list and "AreximBank-GazPromBank Group" CJSC leaving the Top 10 Banks
list. Also "Ardshinbank" CJSC, "HSBC Bank Armenia" CJSC and "InecoBank"
CJSC moved up by 1 position each and "Converse Bank" CJSC and "ACBACredit Agricole Bank" CJSC moved down by 1 and 2 positions respectively
in the ranking.
As of 31December 2014 the total amount of outstanding loans disbursed
grew by 21.2% compared with the same date of 2013 and reached AMD
2,163.0 billion.
For the year ended 31 December 2014 the ratio of loan portfolio to total
assets for the Armenian banking system was 63.4%. According to the
CBA, as of 31 December 2014 the Armenian banking system liquidity ratio
was 25.1%.
For the reported period the total net provision expenses of the Armenian
banking sector increased by 164.5% compared with the same period of the
2013, and amounted to AMD 53.2 billion.
The outstanding balance of deposits as of 31 December 2014 increased by
4.8% compared with the same date of 2013, reaching AMD 1,701.1
billion.
As of 31 December 2014 the loan portfolio/ deposit ratio for the Armenian
banking system was 1.27.
As of 31 December 2014 the total equity of banks reached AMD 488.7
billion, which exceeded the same indicator as of 31 December 2013 by
4.2%.
For the year ended 31 December 2014 the return on equity (ROE)* for the
Armenian banking system was 5.7%. The ratio of equity to assets as of the
reported date was 14.3%. According to the CBA, the capital adequacy ratio
of Armenian banking system was 14.5%.
During the year ended 31 December 2014, the banking system had total
income of AMD 353.5 billion, which exceeded the total income for the
2013 by 10.3%. For the period ended 31 December 2014 the net interest
margin* for the Armenian banking system was 5.9%. The cost to income
ratio for the reported period was 54.4%.
The net profit before taxes of the banks for the year ended 31 December
2014 was AMD 36.8 billion.
The net profit after taxes of the banking system for the year ended 31
December 2014 was AMD 27.2 billion, which is lower by 41.3%,
compared with the same date of 2013.
For the year ended 31 December 2014 the profit margin for the Armenian
banking system was 7.7%.
* Please refer to the Glossary of Terms for the methodology of calculation
of this ratio.
ROA
0.9%
Liquidity
25.1%
Loan
portfolio/
deposits
1.27
ROE
5.7%
Capital
adequacy
14.5%
NIM
5.9%
Cost/
income
54.4%
PM
7.7%
Bank Profiles
ACBA Credit Agricole Bank
Amount, mln AMD
2014
Assets
Loan Portfolio
Liabilities
Deposits
Equity
Charter Capital
Total Income
Interest Income
Share in total,
%
2013
286,410
213,669
179,530
237,039
123,666
49,371
30,000
36,985
28,759
(14,739)
(4,625)
(4,779)
267,683
203,776
169,282
213,533
107,880
54,150
30,000
33,904
28,775
(1,472)
4,999
5,288
Change,
Rank
2014/2013
5
5
6
6
6
1
1
2
2
1
20
20
8.4%
8.2%
8.3%
8.1%
7.3%
10.1%
11.0%
10.5%
10.0%
27.7%
-
7.0%
4.9%
6.1%
11.0%
14.6%
-8.8%
9.1%
-0.1%
901.4%
-192.5%
-190.4%
Key Indicators of the Financial Position
Key Indicators of the Financial Results
300,000
40,000
250,000
30,000
200,000
20,000
150,000
10,000
100,000
50,000
(10,000)
Assets
Loan
Portfolio
As of 31.12.14
Deposits
Equity
Interest
Income
2014
As of 31.12.13
Key Ratios**
NPE
NPT
OCI
2013
Rankings
Capital Adequacy
13.6%
Liquidity
25.2%
Cost to Income Ratio
53.2%
Loan Portfolio/Assets
62.7%
Equity/Assets
17.2%
-12.5%
PM
NIM
-8.9%
(20,000)
Total
Income
5th rank by the assets

1st rank by the charter capital
2nd rank by the total income
Among the top ten banks by almost all financial
indicators.
7.2%
ROE
-1.7% ROA
-20%
0%
20%
40%
60%
80%
New branch was opened in Erebuni, Yerevan
October
November
December
** The capital adequacy and liquidity ratios are taken from the key prudential ratios reported by the bank as of the end of the reporting period.
Bank Profiles (continued)

Ameriabank
Amount, mln AMD
2014
Assets
Loan Portfolio
Liabilities
Deposits
Equity
Charter Capital
Total Income
Interest Income
*
2013
399,744
325,891
300,359
357,389
208,697
42,355
25,448
33,572
27,712
(1,731)
7,149
6,599
Change,
Share in total,
%
315,048
211,215
185,100
276,342
169,942
38,706
25,448
27,736
22,769
(1,960)
6,057
6,433
Rank
11.7%
12.5%
13.9%
12.2%
12.3%
8.7%
9.3%
9.5%
9.6%
3.3%
26.3%
42.7%
2014/2013
1
1
1
1
1
5
2
4
3
8
1
1
26.9%
54.3%
62.3%
29.3%
22.8%
9.4%
21.0%
21.7%
-11.6%
18.0%
2.6%

450,000
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
Assets
As of 31.12.14
Loan
Portfolio
Deposits
Equity

40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
(5,000)
As of 31.12.13
Key Ratios**
Total
Interest
Income Income
2014
NPE
NPT
OCI
2013
Rankings
Capital Adequacy
Liquidity
Equity/Assets
PM
NIM
ROE
ROA
13.1%
26.5%
46.4%
75.1%
10.6%
21.3%
5.4%
17.6%
2.0%
0%
20%
October
40%
60%
1st rank by the assets

1st rank by the loan portfolio
1st rank by the deposits
2nd rank by the charter capital
4th rank by the total income
1st rank by the net profit after tax
1st rank by the total comprehensive income
indicators.
80%
November
December

Anelik Bank
Amount, mln AMD
2014
Assets
Loan Portfolio
Liabilities
Deposits
Equity
Charter Capital
Total Income
Interest Income
*
Share in total,
%
2013
87,034
63,586
58,615
72,629
48,531
14,405
11,816
8,501
6,383
159
335
335
60,029
43,930
38,597
46,959
33,237
13,070
10,816
6,280
5,407
(648)
(1,444)
(1,444)
2.6%
2.4%
2.7%
2.5%
2.9%
2.9%
4.3%
2.4%
2.2%
1.2%
2.2%
Change,
Rank
2014/2013
14
15
13
14
13
14
10
16
17
20
15
12
45.0%
44.7%
51.9%
54.7%
46.0%
10.2%
9.2%
35.4%
18.0%
-124.5%
-123.2%
-123.2%
100,000
10,000
80,000
8,000
60,000
6,000
40,000
4,000
20,000
2,000
Assets
Loan
Portfolio
As of 31.12.14
Deposits
Equity
(2,000)
As of 31.12.13
Total
Income
2014
Interest
Income
NPE
NPT
2013
Key Ratios**
Capital Adequacy
Liquidity
Equity/Assets
PM
NIM
ROE
ROA
12.9%
17.5%
90.6%
67.3%
16.6%
3.9%
3.7%
2.4%
0.5%
0.0%
50.0%
100.0%
The bank was awarded ISO 9001: 2008 quality

management system international certification
October
November
December

Araratbank
Amount, mln AMD
2014
Assets
Loan Portfolio
Liabilities
Deposits
Equity
Charter Capital
Total Income
Interest Income
*
2013
138,830
92,368
65,771
117,058
64,768
21,771
6,388
13,722
11,083
(709)
2,947
2,437
Change,
Share in total,
%
125,236
78,497
59,594
105,604
68,542
19,633
6,388
13,351
10,892
(486)
3,083
3,472
Rank
4.1%
3.5%
3.0%
4.0%
3.8%
4.5%
2.3%
3.9%
3.8%
1.3%
10.9%
15.8%
2014/2013
10
10
11
10
9
10
19
10
10
15
6
5
10.9%
17.7%
10.4%
10.8%
-5.5%
10.9%
2.8%
1.8%
46.0%
-4.4%
-29.8%

160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
-
Assets
Loan
Portfolio
Deposits
As of 31.12.14
Equity

16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
(2,000)
As of 31.12.13
Key Ratios**
Total
Interest
Income Income
2014
NPE
NPT
OCI
2013
Rankings
Capital Adequacy
Liquidity
Equity/Assets
PM
NIM
ROE
ROA
5th rank by the total comprehensive income
18.3%
41.3%
49.6%
47.4%
15.7%
21.5%
7.3%
14.2%
2.2%
0%
20%
40%
60%
New branch was opened in Yerevan State
University main building, Yerevan
October
November
December

Ardshinbank
Amount, mln AMD
2014
Assets
Loan Portfolio
Liabilities
Deposits
Equity
Charter Capital
Total Income
Interest Income
*
Share in total,
%
2013
369,090
265,022
220,148
321,695
182,811
47,395
17,925
35,011
27,499
(4,593)
4,171
1,553
269,328
205,299
172,287
225,211
159,156
44,117
13,802
33,232
26,973
(3,655)
6,420
8,284
Change,
Rank
2014/2013
3
3
3
3
2
2
6
3
4
4
4
8
10.8%
10.2%
10.2%
11.0%
10.7%
9.7%
6.6%
9.9%
9.5%
8.6%
15.4%
10.1%
37.0%
29.1%
27.8%
42.8%
14.9%
7.4%
29.9%
5.4%
1.9%
25.7%
-35.0%
-81.2%

400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
Assets
Loan
Portfolio
As of 31.12.14
Deposits
Equity

40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
(5,000)
(10,000)
Total
Income
Interest
Income
2014
As of 31.12.13
Key Ratios**
NPE
NPT
OCI
2013
Rankings
Capital Adequacy
Liquidity
Equity/Assets
PM
NIM
ROE
ROA
13.5%
32.9%
46.6%
59.6%
12.8%
11.9%
4.8%
9.1%
1.3%
0%
20%
40%
60%
3rd rank by the assets

3rd rank by the loan portfolio
2nd rank by the deposits
3rd rank by the total income
4th rank by the profit after tax
indicators.
80%
The name of the bank was changed to

Ardshinbank CJSC
The bank and EDB signed a loan agreement of
USD 10 million to finance SME in the RA
The bank and BSTDB signed a loan agreement
of USD 10 million to finance SME in the RA
October
November
December

Areximbank Gazprombank Group
Amount, mln AMD
2014
Assets
Loan Portfolio
Liabilities
Deposits
Equity
Charter Capital
Total Income
Interest Income
*
Share in total,
%
2013
110,728
72,275
69,078
95,068
41,811
15,661
16,452
13,396
9,881
(8,817)
(5,669)
(5,669)
233,438
99,969
92,768
212,108
160,800
21,329
16,452
13,746
11,352
(1,122)
109
392
Change,
Rank
2014/2013
11
11
10
11
15
13
7
11
11
3
21
21
3.2%
2.8%
3.2%
3.3%
2.5%
3.2%
6.0%
3.8%
3.4%
16.6%
-
-52.6%
-27.7%
-25.5%
-55.2%
-74.0%
-26.6%
-2.5%
-13.0%
685.6%
-5314.9%
-1546.7%
250,000
15,000
200,000
10,000
150,000
5,000
100,000
-
50,000
(5,000)
Assets
As of 31.12.14
Loan
Portfolio
Deposits
Equity
(10,000)
As of 31.12.13
Total
Interest
Income Income
2014
NPE
NPT
OCI
2013
Key Ratios**
Capital Adequacy
Liquidity
Equity/Assets
PM
NIM
ROE
ROA
-50%
13.1%
24.1%
70.1%
62.4%
14.1%
-42.3%
4.5%
-30.7%
-3.3%
0%
October
50%
100%
November
December
10

Armbusinessbank
Amount, mln AMD
2014
Assets
Loan Portfolio
Liabilities
Deposits
Equity
Charter Capital
Total Income
Interest Income
*
2013
268,935
211,974
184,415
241,291
145,569
27,644
22,908
23,983
20,166
1,504
3,527
2,723
Change,
Share in total,
%
219,459
166,714
137,220
194,538
116,508
24,921
17,500
21,694
18,767
(886)
1,891
3,288
Rank
7.9%
8.1%
8.5%
8.3%
8.6%
5.7%
8.4%
6.8%
7.0%
13.0%
17.6%
2014/2013
6
6
5
5
5
6
3
6
5
21
5
4
22.5%
27.1%
34.4%
24.0%
24.9%
10.9%
30.9%
10.5%
7.5%
-269.8%
86.6%
-17.2%
300,000
30,000
250,000
25,000
200,000
20,000
150,000
15,000
100,000
10,000
50,000
5,000
Assets
Loan
Portfolio
As of 31.12.14
Deposits
Equity
(5,000)
As of 31.12.13
Total
Interest
Income Income
2014
NPE
NPT
OCI
2013
Rankings
Key Ratios**
Capital Adequacy
Liquidity
Equity/Assets
PM
NIM
ROE
ROA
13.2%
16.1%
65.8%
68.6%
10.3%
14.7%
2.8%
13.4%
1.4%
0%
20%
New branches were opened in Komitas,

Yerevan and Shirak
October
40%
3rd rank by the loan portfolio

5th rank by the deposits
3rd rank by the charter capital
5th rank by the profit after tax
5th rank by the net profit after taxes
4th rank by the total comprehensive income
indicators.
A new branch was opened in Artashat
60%
80%
A new branch was opened in Gegharkunik
November
The bank and Czech Export Bank signed a Framework

Agreement, which provides relatively low cost of
transactions, particularly low annual interest rate and
long-term financing (up to 10 years) for financing imports
of Czech goods to Armenia
The bank and the Development Bank of the Republic of
Belarus signed a framework agreement, pursuant to
which Armenian importers can make the payment for
Belarusian goods with deferment period for up to 5
years, while Belarusian exporters can receive payment
for commodities exported to Armenia in due time
December
11

Armeconombank
Amount, mln AMD
2014
Assets
Loan Portfolio
Liabilities
Deposits
Equity
Charter Capital
Total Income
Interest Income
*
2013
91,986
66,711
52,095
80,845
57,529
11,141
2,333
11,229
8,332
42
886
77
Change,
Share in total,
%
74,163
55,137
40,694
63,100
44,435
11,064
2,333
10,016
7,237
(140)
717
1,609
Rank
2.7%
2.6%
2.4%
2.8%
3.4%
2.3%
0.9%
3.2%
2.9%
3.3%
0.5%
2014/2013
12
14
15
12
10
17
21
12
13
19
11
14
24.0%
21.0%
28.0%
28.1%
29.5%
0.7%
12.1%
15.1%
-129.8%
23.6%
-95.2%

12,000
100,000
10,000
80,000
8,000
60,000
6,000
40,000
4,000
20,000
2,000
-
Assets
Loan
Portfolio
As of 31.12.14
Deposits
Equity
(2,000)
Total
Income
Interest
Income
2014
As of 31.12.13
NPE
NPT
OCI
2013
Key Ratios**
Capital Adequacy
Liquidity
Equity/Assets
PM
NIM
ROE
ROA
12.7%
29.3%
83.3%
56.6%
12.1%
7.9%
7.0%
8.0%
1.07%
0% 20% 40% 60% 80% 100%
October
November
December
12

Armenian Development Bank
Amount, mln AMD
2014
Assets
Loan Portfolio
Liabilities
Deposits
Equity
Charter Capital
Total Income
Interest Income
*
2013
75,819
58,016
47,935
65,890
51,773
9,929
4,526
8,637
7,791
(993)
816
812
Change,
Share in total,
%
68,508
50,761
40,188
59,345
53,950
9,164
4,526
7,691
6,460
(179)
845
844
Rank
2.2%
2.2%
2.2%
2.3%
3.0%
2.0%
1.7%
2.4%
2.7%
1.9%
3.0%
5.3%
2014/2013
17
16
16
16
12
18
20
15
14
11
12
10
10.7%
14.3%
19.3%
11.0%
-4.0%
8.4%
12.3%
20.6%
454.2%
-3.4%
-3.8%

10,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
-
8,000
6,000
4,000
2,000
Assets
Loan
Portfolio
As of 31.12.14
Deposits
Equity
(2,000)
As of 31.12.13
Total
Interest
Income Income
2014
NPE
NPT
OCI
2013
Key Ratios**
Capital Adequacy
Liquidity
Equity/Assets
PM
NIM
ROE
ROA
12.4%
19.9%
50.4%
63.2%
13.1%
9.5%
5.7%
8.6%
1.1%
0%
20%
40%
60%
80%
New branch was opened in Malatia-Sebastia,
Yerevan
October
November
December
13

ArmSwissBank
Amount, mln AMD
2014
Assets
Loan Portfolio
Liabilities
Deposits
Equity
Charter Capital
Total Income
Interest Income
*
Share in total,
%
2013
84,493
70,255
37,385
66,607
34,642
17,886
8,753
9,040
7,663
(1,230)
2,307
(3,276)
69,811
61,190
27,802
48,649
24,155
21,162
8,753
7,335
6,195
(958)
1,738
5,766
Change,
Rank
2014/2013
15
13
17
15
16
12
14
14
15
10
8
19
2.5%
2.7%
1.7%
2.3%
2.0%
3.7%
3.2%
2.6%
2.7%
2.3%
8.5%
-
21.0%
14.8%
34.5%
36.9%
43.4%
-15.5%
23.2%
23.7%
28.3%
32.8%
-156.8%

90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
Assets
Loan
Portfolio
As of 31.12.14
Deposits
Equity

10,000
8,000
6,000
4,000
2,000
(2,000)
(4,000)
(6,000)
(8,000)
Total
Income
Interest
Income
2014
As of 31.12.13
NPE
NPT
OCI
2013
Key Ratios**
Capital Adequacy
Liquidity
Equity/Assets
PM
NIM
ROE
ROA
21.1%
35.9%
21.6%
44.2%
21.2%
25.5%
5.9%
11.8%
3.0%
0%
10% 20% 30% 40% 50%
The bank and the EBRD signed a loan

agreement of USD 5 million to finance the
SME in the RA
October
November
December
14

Artsakh Bank
Amount, mln AMD
2014
Assets
Loan Portfolio
Liabilities
Deposits
Equity
Charter Capital
Total Income
Interest Income
*
Share in total,
%
2013
88,758
71,240
63,683
77,524
55,915
11,233
6,561
11,223
9,716
(3,347)
(1,697)
(1,697)
89,977
75,220
62,107
76,323
51,112
13,653
6,561
12,361
10,602
(1,500)
1,009
1,009
2.6%
2.7%
2.9%
2.7%
3.3%
2.3%
2.4%
3.2%
3.4%
6.3%
-
Change,
Rank
2014/2013
13
12
12
13
11
15
17
13
12
5
19
18
-1.4%
-5.3%
2.5%
1.6%
9.4%
-17.7%
-9.2%
-8.4%
123.1%
-268.2%
-268.2%

100,000
80,000
60,000
40,000
20,000
Assets
Loan
Portfolio
As of 31.12.14
Deposits
Equity

14,000
12,000
10,000
8,000
6,000
4,000
2,000
(2,000)
(4,000)
(6,000)
Total
Income
2014
As of 31.12.13
Interest
Income
NPE
NPT
2013
Key Ratios**
Capital Adequacy
Liquidity
Equity/Assets
PM
NIM
ROE
ROA
-20%
12.9%
16.7%
68.0%
71.7%
12.7%
-15.1%
5.1%
-13.6%
-1.9%
0%
20%
October
40%
60%
80%
November
December
15

BTA Bank
Amount, mln AMD
2014
Assets
Loan Portfolio
Liabilities
Deposits
Equity
Charter Capital
Total Income
Interest Income
*
2013
16,389
11,553
7,714
10,779
4,063
5,610
6,520
1,709
1,415
(152)
(178)
(178)
Share in total,
%
11,562
7,657
6,114
5,836
3,835
5,727
6,520
1,593
1,413
118
79
150
0.5%
0.4%
0.4%
0.4%
0.2%
1.1%
2.4%
0.5%
0.5%
0.3%
-
Change,
Rank
2014/2013
21
21
20
21
21
21
18
20
20
17
17
16
41.7%
50.9%
26.2%
84.7%
6.0%
-2.0%
7.3%
0.2%
-228.4%
-325.1%
-218.4%

2,000
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
-
1,500
1,000
500
-
Assets
As of 31.12.14
Loan
Portfolio
Deposits
Equity
(500)
Total
Income
Interest
Income
2014
As of 31.12.13
NPE
NPT
OCI
2013
Key Ratios**
Capital Adequacy
Liquidity
Equity/Assets
PM
NIM
ROE
ROA
-30%
43.6%
17.3%
100.4%
47.1%
34.2%
-10.4%
8.6%
-3.1%
-1.3%
0%
30%
October
60%
90%
120%
November
December
16

Byblos Bank Armenia
Amount, mln AMD
2014
Assets
Loan Portfolio
Liabilities
Deposits
Equity
Charter Capital
Total Income
Interest Income
*
2013
53,891
48,089
28,973
45,551
33,838
8,340
8,125
3,871
3,246
(758)
(513)
(639)
Share in total,
%
42,616
32,654
24,105
33,636
24,389
8,979
8,125
3,882
3,737
(725)
(349)
(156)
1.6%
1.8%
1.3%
1.6%
2.0%
1.7%
3.0%
1.1%
1.1%
1.4%
-
Change,
Rank
2014/2013
19
19
19
19
17
20
15
19
19
13
18
17
26.5%
47.3%
20.2%
35.4%
38.7%
-7.1%
-0.3%
-13.1%
4.5%
47.0%
309.0%
50,000
5,000
40,000
4,000
3,000
30,000
2,000
20,000
1,000
10,000
Assets
As of 31.12.14
Loan
Portfolio
Deposits
Equity
(1,000)
As of 31.12.13
Total
Interest
Income Income
2014
NPE
NPT
OCI
2013
Key Ratios**
Capital Adequacy
Liquidity
Equity/Assets
PM
NIM
ROE
ROA
17.8%
24.9%
85.7%
53.8%
15.5%
-13.3%
2.3%
-5.9%
-1.1%
-20% 0% 20% 40% 60% 80% 100%
October
November
December
17

Converse Bank
Amount, mln AMD
2014
Assets
Loan Portfolio
Liabilities
Deposits
Equity
Charter Capital
Total Income
Interest Income
*
Share in total,
%
2013
148,767
109,604
93,625
125,905
98,024
22,862
7,002
16,516
12,583
(756)
2,380
2,380
121,394
90,654
79,957
102,315
84,296
19,080
4,860
13,762
10,897
(300)
449
2,419
4.4%
4.2%
4.3%
4.3%
5.8%
4.7%
2.6%
4.7%
4.4%
1.4%
8.8%
15.4%
Change,
Rank
2014/2013
9
9
9
9
8
9
16
9
9
14
7
6
22.5%
20.9%
17.1%
23.1%
16.3%
19.8%
44.1%
20.0%
15.5%
151.7%
430.0%
-1.7%

20,000
160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
-
15,000
10,000
5,000
-
Assets
Loan
Portfolio
As of 31.12.14
Deposits
Equity
(5,000)
Total
Income
2014
As of 31.12.13
Key Ratios**
Interest
Income
NPE
NPT
2013
Rankings
Capital Adequacy
Liquidity
Equity/Assets
PM
NIM
ROE
ROA

indicators.
12.4%
25.2%
60.7%
62.9%
15.4%
14.4%
6.3%
11.4%
1.8%
0%
20%
40%
60%
80%
The bank received the second tranche of USD

2.5 million of the loan from the EBRD to
finance the micro business and SME in the RA
October
November
December
18

HSBC Bank Armenia
Amount, mln AMD
2014
Assets
Loan Portfolio
Liabilities
Deposits
Equity
Charter Capital
Total Income
Interest Income
*
2013
306,609
256,039
186,473
259,649
172,769
46,960
18,434
24,613
19,858
(2,530)
6,565
5,676
Change,
Share in total,
%
249,424
214,783
153,234
208,143
159,195
41,281
18,434
23,299
18,763
(552)
8,010
8,846
Rank
9.0%
9.8%
8.6%
8.9%
10.2%
9.6%
6.8%
7.0%
6.9%
4.8%
24.2%
36.7%
2014/2013
4
4
4
4
3
3
5
5
6
7
2
2
22.9%
19.2%
21.7%
24.7%
8.5%
13.8%
5.6%
5.8%
358.3%
-18.0%
-35.8%
350,000
30,000
300,000
25,000
250,000
20,000
200,000
15,000
150,000
10,000
100,000
5,000
50,000
Assets
As of 31.12.14
Loan
Portfolio
Deposits
Equity
(5,000)
Total
Income
Interest
Income
2014
As of 31.12.13
Key Ratios**
NPE
NPT
OCI
2013
Rankings
Capital Adequacy
Liquidity
Equity/Assets
PM
NIM
ROE
ROA
13.8%
30.2%
41.6%
60.8%
15.3%
26.7%
6.3%
14.9%
2.4%
0%
20%
October
40%
60%
4th rank by the assets

4th rank by the loan portfolio
3rd rank by the deposits
5th rank by the charter capital
5th rank by the total income
2nd rank by the net profit after taxes
2nd rank by the total comprehensive income
indicators.
80%
November
December
19

Inecobank
Amount, mln AMD
2014
Assets
Loan Portfolio
Liabilities
Deposits
Equity
Charter Capital
Total Income
Interest Income
*
2013
160,344
129,441
108,612
133,857
43,728
26,487
11,082
19,655
16,521
(1,539)
5,177
4,735
Change,
Share in total,
%
130,559
110,086
82,762
107,096
35,779
23,463
6,926
16,944
14,631
(627)
4,887
5,433
Rank
4.7%
5.0%
5.0%
4.6%
2.6%
5.4%
4.1%
5.6%
5.7%
2.9%
19.1%
30.7%
2014/2013
8
7
8
8
14
7
11
8
8
9
3
3
22.8%
17.6%
31.2%
25.0%
22.2%
12.9%
60.0%
16.0%
12.9%
145.5%
5.9%
-12.9%

25,000
180,000
160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
-
20,000
15,000
10,000
5,000
-
Assets
Loan
Portfolio
As of 31.12.14
Deposits
Equity
(5,000)
As of 31.12.13
Key Ratios**
Total
Interest
Income Income
2014
NPE
NPT
OCI
2013
Rankings
Capital Adequacy
Liquidity
Equity/Assets
PM
NIM
ROE
ROA
13.7%
18.8%
37.0%
67.7%
3rd rank by the net profit after taxes

3rd rank by the total comprehensive income
indicators.
16.5%
26.3%
8.2%
20.7%
3.6%
0%
20%
40%
60%
80%
The bank attracted loan from Symbiotics and
Responsability financial institutions to finance
micro business in the RA
The bank and the EBRD signed a loan
agreement of USD 10 million mainly to finance
SME and the renewable energy sector in the
RA
October
November
December
20

Mellat Bank
Amount, mln AMD
2014
Assets
Loan Portfolio
Liabilities
Deposits
Equity
Charter Capital
Total Income
Interest Income
*
Share in total,
%
2013
27,637
17,096
5,524
16,429
7,120
11,208
10,100
1,458
1,334
(151)
227
227
18,965
11,719
4,824
7,984
1,278
10,981
6,850
1,134
1,070
(36)
234
234
0.8%
0.7%
0.3%
0.6%
0.4%
2.3%
3.7%
0.4%
0.5%
0.3%
0.8%
1.5%
Change,
Rank
2014/2013
20
20
21
20
20
16
12
21
21
18
16
13
45.7%
45.9%
14.5%
105.8%
457.3%
2.1%
47.4%
28.6%
24.7%
314.9%
-3.0%
-3.0%

1,600
1,400
1,200
1,000
800
600
400
200
(200)
30,000
25,000
20,000
15,000
10,000
5,000
-
Assets
As of 31.12.14
Loan
Portfolio
Deposits
Equity
As of 31.12.13
Total
Interest
Income
Income
2014
NPE
NPT
2013
Key Ratios**
Capital Adequacy
Liquidity
Equity/Assets
PM
NIM
ROE
ROA
77.1%
61.1%
62.2%
20.0%
40.6%
15.6%
7.5%
2.0%
1.0%
0%
20% 40% 60% 80% 100%
October
November
December
21

ProCredit Bank
Amount, mln AMD
2014
Assets
Loan Portfolio
Liabilities
Deposits
Equity
Charter Capital
Total Income
Interest Income
*
Share in total,
%
2013
66,485
52,703
52,255
57,317
25,863
9,167
9,990
7,669
6,938
(814)
502
502
52,793
45,437
42,682
44,128
24,648
8,665
9,990
6,446
5,895
(264)
22
22
1.9%
2.0%
2.4%
2.0%
1.5%
1.9%
3.7%
2.2%
2.4%
1.5%
1.8%
3.3%
Change,
Rank
2014/2013
18
18
14
17
19
19
13
17
16
12
14
11
25.9%
16.0%
22.4%
29.9%
4.9%
5.8%
19.0%
17.7%
208.8%
2232.3%
2232.3%
70,000
10,000
60,000
8,000
50,000
6,000
40,000
30,000
4,000
20,000
2,000
10,000
Assets
Loan
Portfolio
As of 31.12.14
Deposits
Equity
(2,000)
Total
Income
2014
As of 31.12.13
Interest
Income
NPE
NPT
2013
Key Ratios**
Capital Adequacy
Liquidity
Equity/Assets
PM
NIM
ROE
ROA
14.1%
17.1%
69.3%
78.6%
13.8%
6.5%
8.6%
5.6%
0.8%
0% 20% 40% 60% 80% 100%
October
November
December
22

Prometey Bank
Amount, mln AMD
2014
Assets
Loan Portfolio
Liabilities
Deposits
Equity
Charter Capital
Total Income
Interest Income
*
2013
77,950
53,335
36,951
54,638
30,004
23,312
14,400
6,678
5,285
(184)
1,108
2,154
Share in total,
%
62,831
41,284
29,746
40,778
26,164
22,053
14,400
6,560
5,217
(259)
1,411
1,823
2.3%
2.0%
1.7%
1.9%
1.8%
4.8%
5.3%
1.9%
1.8%
0.3%
4.1%
13.9%
Change,
Rank
2014/2013
16
17
18
18
18
8
8
18
18
16
9
7
24.1%
29.2%
24.2%
34.0%
14.7%
5.7%
1.8%
1.3%
-29.0%
-21.5%
18.2%

90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
Assets
As of 31.12.14
Loan
Portfolio
Deposits
Equity

8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
(1,000)
As of 31.12.13
Total
Interest
Income Income
2014
NPE
NPT
OCI
2013
Key Ratios**
Capital Adequacy
Liquidity
Equity/Assets
PM
NIM
ROE
ROA
29.0%
28.8%
53.1%
47.4%
29.9%
16.6%
5.1%
4.9%
1.6%
0% 10% 20% 30% 40% 50% 60%
October
November
December
23

Unibank
Amount, mln AMD
2014
Assets
Loan Portfolio
Liabilities
Deposits
Equity
Charter Capital
Total Income
Interest Income
*
2013
171,049
128,738
119,484
149,818
113,709
21,231
13,101
22,569
18,465
(3,026)
962
1,443
Change,
Share in total,
%
153,490
126,370
116,795
132,739
127,081
20,750
13,101
20,524
16,829
(1,018)
484
1,037
Rank
5.0%
4.9%
5.5%
5.1%
6.7%
4.3%
4.8%
6.4%
6.4%
5.7%
3.5%
9.3%
2014/2013
7
8
7
7
7
11
9
7
7
6
10
9
11.4%
1.9%
2.3%
12.9%
-10.5%
2.3%
10.0%
9.7%
197.2%
98.9%
39.1%

25,000
180,000
160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
-
20,000
15,000
10,000
5,000
-
Assets
Loan
Portfolio
As of 31.12.14
Deposits
Equity
Total
Income
As of 31.12.13
Interest
Income
2014
Key Ratios**
Capital Adequacy
Liquidity
Equity/Assets
PM
NIM
ROE
ROA
(5,000)
NPE
NPT
OCI
2013
Rankings
indicators.
13.9%
23.0%
58.8%
69.9%
12.4%
4.3%
5.0%
4.6%
0.6%
0%
20%
October
40%
60%
80%
November
December
24

VTB Bank (Armenia)
Amount, mln AMD
2014
Assets
Loan Portfolio
Liabilities
Deposits
Equity
Charter Capital
Total Income
Interest Income
*
Share in total,
%
2013
379,636
286,337
244,343
334,862
156,251
44,774
20,776
43,421
38,046
(8,852)
777
31
302,275
249,815
218,803
265,021
146,865
37,254
13,776
38,910
30,475
(3,454)
5,638
6,949
Change,
Rank
2014/2013
2
2
2
2
4
4
4
1
1
2
13
15
11.1%
11.0%
11.3%
11.5%
9.2%
9.2%
7.6%
12.3%
13.2%
16.6%
2.9%
0.2%
25.6%
14.6%
11.7%
26.4%
6.4%
20.2%
50.8%
11.6%
24.8%
156.3%
-86.2%
-99.5%

50,000
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
-
40,000
30,000
20,000
10,000
(10,000)
Assets
Loan
Portfolio
As of 31.12.14
Deposits
Equity
Total
Income
Interest
Income
2014
As of 31.12.13
Key Ratios**
Capital Adequacy
Liquidity
Equity/Assets
PM
NIM
ROE
ROA
(20,000)
NPE
NPT
OCI
2013
Rankings
13.0%
15.9%
59.5%
64.4%
11.8%
1.8%
7.5%
1.9%
0.2%
0%
20%
October
40%
60%
2nd rank by the assets

2nd rank by the loan portfolio
4th rank by the deposits
4th rank by the charter capital
1st rank by the total income
indicators
80%
November
December
25
Appendix 1
Shareholding 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. The non-resident participants, both legal entities and individuals, are mainly from Russia,
Switzerland, Iran, Lebanon, Liechtenstein, Cyprus, France, the United Kingdom, the 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.
The shareholding structure and information on branches and the staff for each bank is presented
below*.
ACBA-Credit Agricole Bank
Ameriabank
Shareholders (> 5%):

Credit Agricole s.A
(15.6%)
Sacam International SJSC (12.4%)
Mutual Regional Village
Associations from different
marzes of RA
(71%)

Ameria Group (CY) Limited (100%)

Credit Bank S.A.L.
Branches: 52 (14 in Yerevan)

Staff: 1,162 employees
Staff: 612 employees
Ararat Bank
Flash Ltd.
EBRD
Rural Impulse
Fund II S.A SICAV-SIF
Ardshinbank
(64.2%)
(25%)

Center for Business
InvestmentsLLC
(100%)
Areximbank-Gazprombank
Group
(97.51%)

Gazprombank OJSC
(100%)
(10%)

Armbusinessbank
Vitaliy Sarkis Grigoryants
Anelik Bank
(100%)


Staff: 1,094 employees
Armeconombank
Saribek Sukiasyan
Khachatur Sukiasyan
Robert Sukiasyan
EBRD
(22.6%)
(19.5%)
(10.3%)
(25.0%)


Ruben Hayrapetyan
Rafik Hayrapetyan
Grigor Termenjyan
(20%)
(19.5%)
(16%)
* The figures presented in different color and italic form are those changed during the 4rd quarter of
2014.
26
Appendix 1
Shareholding Structure & General Information
(continued)
ArmSwissBank
Artsakh Bank

Vartan Sirmakes
Belegingsmachepij
Jongo LLC
(80%)

Vartan Sirmakes
Hrach Gabrielyan
BTA Bank
(43.1%)
(39.1%)
(20%)
Branches: Staff: 107* employees

BTA Bank JSC
ZRL Beteiligungs AG
Mobilex Energy LLC
(44.7%)
(31.1%)
(14.5%)
Byblos Bank Armenia
Converse Bank

Byblos Bank S.A.L.
(65%)
EBRD
(25%)
OPEC Fund for International
Development
(10%)

Advanced Global Investments LLC
(95%)
Mother See of Holy Etchmiadzin
Catholicosate
(5%)

HSBC Europe BV
Wings Establishment


Inecobank
Avetis Baloyan
Karen Safaryan
DEG
IFC
Mellat Bank
(35.2%)
(30.3%)
(12.6%)
(9.3%)

Bank Mellat of I.R.I
(100%)
Unibank
(50%)
(70%)
(30%)
ProCredit Bank
Branches: Staff: 40 employees
Prometey Bank
Prometey City LLC
ZakNeftegazstroy
Prometey OJSC
HSBC Bank Armenia

Ripatonso Holdings Limited (100%)

ProCredit Holding AG & Co. (100%)
VTB Bank (Armenia)

VTB OJSC
(100%)
(46.1%)


* The figures presented in different color and italic form are those changed during the 4rd quarter of
2014.
27
Appendix 2
Sector Insights
Assets
As of 31 December 2014 the assets grew in almost all the banks, and only two banks suffered
decreases as compared with the previous year.
The interest earning assets comprised 76.3% of the total assets of the banks. As of 31 December
2014 the interest earning assets of banks grew by 19.3% compared with 31 December 2013. In
the meantime, the interest income grew by 9.2% as compared with the same date of the previous
year.
The net interest margin was 5.9% for the reviewed period.
As of 31 December 2014 "AmeriaBank" CJSC had the highest value of assets - about AMD 399.7
billion, which is 11.7% of the total assets of the banking sector."BTA Bank" CJSC had the lowest
level AMD 16.4 billion (0.5% in total assets). It is worth mentioning that the top five banks
(ranked by assets) totaled 51.1% of the assets of the banking system as of 31 December 2014.
Nevertheless, the banking industry concentration is not high and is defined as unconcentrated
according to the Herfindahl-Hirschman Index, which has the value of 0.073. Compared with the
previous year the HHI increased by 0.003.
Loan portfolio
The top five banks (ranked by loans) recorded 52.5% of the total loan portfolio as of 31 December
2014.
The major part (95.6%) of the total sum of the outstanding loans was provided to the residents of
Armenia, from which 56.5% were companies (only 1.8% of this amount was provided to state
owned companies), 38.8% - to the households, and only a small part to not for profit organizations
and other financial organizations (OFI). Compared with the same period of the previous year the
share of loans to households in the total amount of outstanding loans has increased by 0.4
percentage points and the share of companies has decreased by 0.3 percentage points.
Structure of loans by creditors
Private sector
Households
Households
39%
Private
sector
55%
Non for profit

OFI
State owned
companies
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 (62.3% and 75.3% of
the total loans provided to them
respectively) in contrast to companies
and non for profit organizations, which
prefer loans in foreign currencies
(84.8% and 88.6% of total loans
provided to them respectively).
28
Appendix 2
Sector Insights (continued)
The consumer loans, loans to industry and loans to the trade sector traditionally comprise the
major part of the total loans of the banks, 22.5%, 21.3% and 19.2% respectively for the reviewed
period. The biggest growth in lending was in the loans to the service sector (compared to the 31
December 2013, the volume of loans grew by 45.7%).
Structure of loans by economy sectors
Industry
7%
Agriculture
21%
9%
Construction
6%
23%
Transport and
Communication
Trade
Service sector
6%
2%
7%
Consumer loans
The
biggest
loan
portfolio
belonged to Ameriabank" CJSC
AMD
300.4
billion,
which
comprised 13.9% of the portfolio
of the banking system for the
reported period.
As of 31 December 2014 the
loans/deposits ratio was 1.272
compared with 1.099 calculated
as of 31 December 2013.
Mortgage
Other
19%

As of 31 December 2014 the banking system total net provision expenses increased by 164.5%
and reached AMD 53.2 billion.
Liabilities
As of 31 December 2014 the banking system total liabilities grew by 18.3%, compared with the
same figure as of 31 December 2013, to reach AMD 2,921.8 billion, of which 58.2% are deposits.
Deposits
As of 31 December 2014 the biggest share for term deposits was held by households and the
biggest share on demand deposits were held by private sector (79.2% and 45.3%).
The major part of outstanding balance of the deposits was from the residents (75.1%), 70.5% of
which were term deposits. The deposits were held mainly in foreign currencies.
Structure of deposits
Non
residents
25%
On demand*
30%
Term
70%
AMD
28%
Residents
75%
Other
currency
72%
* The indicators of the deposits duration are presented only based on the deposits from the residents
29
Appendix 2
Structure of deposits
As the diagram shows, the households

had the biggest share (67.8%) in the
total amount of deposits from residents
followed by the private companies which
held (20.3%) of the total deposits from
residents.
1%
5%
6%
20%
68%
Households
Non for Profit Organizations
State owned companies
Private companies
OFI
The highest level of deposits was held

by AmeriaBank" CJSC - about AMD
208.7 billion, which comprises 12.3% of
the total deposits of the banking system
of Armenia.
As of 31 December 2014 four banks had
decreases in deposits of 74.0%, 10.5%,
5.5% and 4.0% respectively compared
to the same date of 2013.
Equity
The 4.2% increase of equity of the banking sector as of 31 December 2014 compared to the same
date in 2013 was mainly due to the additions to the general reserve (24.0% increase compared to
the figure for the previous period).
The total equity to total assets ratio was 14.3%, which is 1.7 percentage points lower compared to
the same ratio of 2013 (16.0%).
As of 31 December 2014 "ACBA-Credit Agricole Bank" CJSC had the highest level of equity - about
AMD 49.4 billion, which is 10.1% of the total equity of the banking system. "BTA Bank" CJSC had
the lowest level AMD 5.6 billion (1.1% in total equity). 47.2% of the total equity of the banking
system belonged to the top five banks (ranked by the equity) as of 31 December 2014.
Income
The income from interest was about AMD 288.7 billion, which is about 81.7% (2013 same period
82.5%) of the total income of the banking system.
The total income of the banking system increased by 10.3% compared with the same period of
the previews year and reached AMD 353.5 billion. 49.1% of total income of the banking system
belonged to the top 5 banks (ranked by the total income).
All the banks increased their income compared to the 2013, except for "ArtsakhBank" CJSC,
"AreximBank-GazPromBank Group" CJSC and "Byblos Bank Armenia" CJSC which had decreases in
total income of 9.2%, 2.5% and 0.3% respectively.
Profit/loss
During the reported period 16 banks operating in Armenia were profitable (totaled AMD 50.3 billion
profit before taxes), while 5 banks incurred total losses before taxes of AMD 13.6 billion.
The net profit after taxes of the banking system for the period ended 31 December 2014 was
AMD 27.2 billion.
30
Appendix 2
Changes in the Banking Prudential Standards
New requirements on the Minimum Total Capital and Minimum Required Reserves on
Funds Involved in Foreign Currency.
During December 2014 the CBA increased the rate of minimum required reserves on funds
involved in foreign currency to eventual level of 20%. The CBA also increased the refinancing rate
and repurchase agreements rates.
On 30 December 2014 the Central Bank of Armenia changed the standard on minimal amount of
total capital for banks. As a result of the changes, the required minimum amount of total capital
increased six times from AMD 5.0 billion to AMD 30.0 billion.
For the existing banks, the revised standard will enter into force starting from 1 January 2017.
Before this date the required minimum amount of total capital will remain AMD 5.0 billion.
For the new establishing banks, the revised standard entry into force immediately. The required
amount of total capital for establishing the new bank was stated AMD 30.0 billion.
Due to the specifics of total capital calculation for reporting to the CBA, there is some differences
between amounts of total capital calculated according IFRS and methodology of CBA . The amount
of banks total capitals calculated according to the CBA methodology are presented in the table
below:
AMD Million
Reported Total
Capital
Amount needed to Required growth in

achieve the new total capital to achieve
standard
the new standard
"ACBA-Credit Agricole Bank" CJSC
42,180
"AmeriaBank" CJSC
53,323
"Anelik Bank" CJSC
10,821
19,179
177.2%
"AraratBank" OJSC
21,450
8,550
39.9%
"Ardshinbank" CJSC
36,622
"AreximBank-GazPromBank Group" CJSC
11,907
18,093
152.0%
"ArmBusinessBank" CJSC
24,689
5,311
21.5%
"ArmEconomBank" OJSC
9,296
20,704
222.7%
"Armenian Development Bank" OJSC
8,944
21,056
235.4%
10
"ArmSwissBank" CJSC
18,504
11,496
62.1%
11
"ArtsakhBank" CJSC
9,056
20,944
231.3%
12
"BTA Bank" CJSC
5,662
24,338
429.8%
13
"Byblos Bank Armenia" CJSC
7,063
22,937
324.8%
14
"Converse Bank" CJSC
17,369
12,631
72.7%
15
"HSBC Bank Armenia" CJSC
41,341
16
"InecoBank" CJSC
23,099
6,901
29.9%
17
"Mellat Bank" CJSC
9,018
20,982
232.7%
18
"ProCredit Bank" CJSC
10,541
19,459
184.6%
19
"Prometey Bank" LLC
18,477
11,523
62.4%
20
"UniBank" CJSC
22,013
7,987
36.3%
21
"VTB Bank Armenia" CJSC
50,801
31
Appendix 3
Key Financial Indicators
Key Indicators of the Financial Position as of 31.12.2014
Assets
Interest
Earning
Assets
Gross
Advances
to
Customers
Loans
Liabilities
Deposits
Equity
Charter
Capital
286,410
213,669
204,047
179,530
237,039
123,666
49,371
30,000
2 "AmeriaBank" CJSC
399,744
325,891
301,517
300,359
357,389
208,697
42,355
25,448
3 "Anelik Bank" CJSC
87,034
63,586
61,132
58,615
72,629
48,531
14,405
11,816
4 "AraratBank" OJSC
138,830
92,368
76,944
65,771
117,058
64,768
21,771
6,388
5 "Ardshinbank" CJSC
369,090
265,022
247,824
220,148
321,695
182,811
47,395
17,925
"AreximBank6 GazPromBank Group"

CJSC
110,728
72,275
70,452
69,078
95,068
41,811
15,661
16,452
AMD Million
"ACBA-Credit Agricole
Bank" CJSC
"ArmBusinessBank"
CJSC
268,935
211,974
190,190
184,415
241,291
145,569
27,644
22,908
"ArmEconomBank"
OJSC
91,986
66,711
60,253
52,095
80,845
57,529
11,141
2,333
"Armenian
9 Development Bank"
OJSC
75,819
58,016
48,005
47,935
65,890
51,773
9,929
4,526
10 "ArmSwissBank" CJSC
84,493
70,255
40,292
37,385
66,607
34,642
17,886
8,753
11 "ArtsakhBank" CJSC
88,758
71,240
64,224
63,683
77,524
55,915
11,233
6,561
12 "BTA Bank" CJSC
16,389
11,553
7,869
7,714
10,779
4,063
5,610
6,520
53,891
48,089
44,907
28,973
45,551
33,838
8,340
8,125
14 "Converse Bank" CJSC
148,767
109,604
100,986
93,625
125,905
98,024
22,862
7,002
"HSBC Bank Armenia"

CJSC
306,609
256,039
221,401
186,473
259,649
172,769
46,960
18,434
160,344
129,441
117,312
108,612
133,857
43,728
26,487
11,082
17 "Mellat Bank" CJSC
27,637
17,096
10,306
5,524
16,429
7,120
11,208
10,100
18 "ProCredit Bank" CJSC
66,485
52,703
52,693
52,255
57,317
25,863
9,167
9,990
19 "Prometey Bank" LLC
77,950
53,335
43,096
36,951
54,638
30,004
23,312
14,400
171,049
128,738
123,665
119,484
149,818
113,709
21,231
13,101
379,636
286,337
262,997
244,343
334,862
156,251
44,774
20,776
3,410,584
2,603,941
13
15
"Byblos Bank Armenia"

CJSC
16 "InecoBank" CJSC
20 "UniBank" CJSC
21
"VTB Bank Armenia"

CJSC
Total
2,350,111 2,162,966 2,921,841 1,701,080 488,743 272,640
32
Appendix 3
Key Financial Indicators (continued)
Key Indicators of the Financial Results for the period ended 31.12.2014
Net
Net
Net
Net Profit
NonOperating
Operating
Provision before
Interest
Expenses
Income*
Expenses taxes
Income
Net
Profit
after
taxes
AMD Million
Total
Income
Interest
Income
NonInterest
Income
Net
Interest
Income
Bank" CJSC
36,985
28,759
3,075
15,083
1,759
21,993
(11,690) (14,739)
(4,436)
(4,625)
2 "AmeriaBank" CJSC
33,572
27,712
2,307
14,625
1,875
20,053
(9,296)
(1,731)
9,026
7,149
8,501
6,383
1,123
1,966
993
3,954
(3,580)
159
532
335
4 "AraratBank" OJSC
13,722
11,083
987
6,251
596
8,499
(4,218)
(709)
3,572
2,947
35,011
27,499
3,585
11,386
2,976
18,289
(8,522)
(4,593)
5,174
4,171

CJSC
13,396
9,881
891
3,848
537
7,009
(4,914)
(8,817)
(6,722)
(5,669)
"ArmBusinessBank"
CJSC
23,983
20,166
1,932
5,356
1,503
8,743
(5,750)
1,504
4,497
3,527
"ArmEconomBank"
OJSC
11,229
8,332
1,509
4,239
1,174
6,800
(5,666)
42
1,176
886
"Armenian
9 Development Bank"
OJSC
8,637
7,791
397
3,112
291
3,852
(1,943)
(993)
916
816
"ArmSwissBank"
CJSC
9,040
7,663
203
3,865
156
5,194
(1,124)
(1,230)
2,839
2,307
11,223
9,716
574
3,761
467
5,163
(3,513)
(3,347)
(1,697)
(1,697)
1,709
1,415
258
826
88
950
(954)
(152)
(156)
(178)
3,871
3,246
92
928
43
1,505
(1,290)
(758)
(543)
(513)
10
12 "BTA Bank" CJSC

13
"Byblos Bank
Armenia" CJSC
14
"Converse Bank"
CJSC
16,516
12,583
1,666
6,311
1,129
9,707
(5,896)
(756)
3,055
2,380
15
"HSBC Bank Armenia"

CJSC
24,613
19,858
2,710
14,763
2,162
18,970
(7,896)
(2,530)
8,544
6,565
19,655
16,521
1,235
9,800
934
12,634
(4,674)
(1,539)
6,421
5,177
1,458
1,334
53
1,075
52
1,198
(744)
(151)
302
227
"ProCredit Bank"
CJSC
7,669
6,938
388
4,232
198
4,772
(3,306)
(814)
652
502
6,678
5,285
337
2,393
(118)
3,330
(1,769)
(184)
1,377
1,108
22,569
18,465
2,167
6,439
1,852
10,228
(6,015)
(3,026)
1,187
962
43,421
38,046
3,276
19,985
2,357
24,441
(14,553)
(8,852)
1,036
777
353,459 288,677
28,766
140,242 21,025
197,283
36,752
27,155
16 "InecoBank" CJSC
18
20 "UniBank" CJSC
21
"VTB Bank Armenia"

CJSC
Total
(107,315) (53,216)
* Net operating income is before provisions and administrative expenses.

33
Appendix 3
Key Indicators of the Financial Position as of 31.12.2013
Assets
Interest
Earning
Assets
Gross
Advances
to
Customers
Loans
Liabilities
Deposits
Equity
Charter
Capital
267,683
203,776
196,152
169,282
213,533
107,880
54,150
30,000
2 "AmeriaBank" CJSC
315,048
211,215
188,207
185,100
276,342
169,942
38,706
25,448
60,029
43,930
43,568
38,597
46,959
33,237
13,070
10,816
4 "AraratBank" OJSC
125,236
78,497
65,147
59,594
105,604
68,542
19,633
6,388
269,328
205,299
182,778
172,287
225,211
159,156
44,117
13,802

CJSC
233,438
99,969
96,376
92,768
212,108
160,800
21,329
16,452
AMD Million
Bank" CJSC
"ArmBusinessBank"
CJSC
219,459
166,714
141,669
137,220
194,538
116,508
24,921
17,500
"ArmEconomBank"
OJSC
74,163
55,137
47,722
40,694
63,100
44,435
11,064
2,333
"Armenian
9 Development Bank"
OJSC
68,508
50,761
43,253
40,188
59,345
53,950
9,164
4,526
10 "ArmSwissBank" CJSC
69,811
61,190
30,138
27,802
48,649
24,155
21,162
8,753
89,977
75,220
68,995
62,107
76,323
51,112
13,653
6,561
12 "BTA Bank" CJSC
11,562
7,657
6,620
6,114
5,836
3,835
5,727
6,520
42,616
32,654
29,215
24,105
33,636
24,389
8,979
8,125
14 "Converse Bank" CJSC
121,394
90,654
82,841
79,957
102,315
84,296
19,080
4,860
"HSBC Bank Armenia"

CJSC
249,424
214,783
181,431
153,234
208,143
159,195
41,281
18,434
130,559
110,086
100,672
82,762
107,096
35,779
23,463
6,926
18,965
11,719
6,666
4,824
7,984
1,278
10,981
6,850
18 "ProCredit Bank" CJSC
52,793
45,437
45,427
42,682
44,128
24,648
8,665
9,990
62,831
41,284
35,137
29,746
40,778
26,164
22,053
14,400
153,490
126,370
120,887
116,795
132,739
127,081
20,750
13,101
302,275
249,815
233,395
218,803
265,021
146,865
37,254
13,776
2,938,589
2,182,168
13
15
"Byblos Bank Armenia"

CJSC
16 "InecoBank" CJSC
20 "UniBank" CJSC
21
"VTB Bank Armenia"

CJSC
Total
1,946,297 1,784,663 2,469,388 1,623,247 469,201 245,562
34
Appendix 3
Key Indicators of the Financial Results for the period ended 31.12.2013
Net
Net
Net
Net Profit
NonOperating
Operating
Provision before
Interest
Expenses
Income*
Expenses taxes
Income
Net
Profit
after
taxes
AMD Million
Total
Income
Interest
Income
NonInterest
Income
Net
Interest
Income
Bank" CJSC
33,904
28,775
2,714
15,571
1,669
19,655
(11,600)
(1,472)
6,583
4,999
2 "AmeriaBank" CJSC
27,736
22,769
2,055
11,659
1,642
16,212
(6,566)
(1,960)
7,687
6,057
6,280
5,407
495
1,751
438
2,567
(3,363)
(648)
(1,445)
(1,444)
4 "AraratBank" OJSC
13,351
10,892
1,020
6,065
672
8,177
(3,809)
(486)
3,882
3,083
33,232
26,973
3,012
14,279
2,547
20,072
(8,363)
(3,655)
8,054
6,420

CJSC
13,746
11,352
976
4,469
580
6,468
(5,096)
(1,122)
250
109
"ArmBusinessBank"
CJSC
21,694
18,767
1,528
5,962
982
8,343
(5,331)
(886)
2,126
1,891
"ArmEconomBank"
OJSC
10,016
7,237
1,641
3,736
1,256
6,130
(5,019)
(140)
971
717
"Armenian
9 Development Bank"
OJSC
7,691
6,460
371
2,207
269
3,337
(2,037)
(179)
1,121
845
"ArmSwissBank"
CJSC
7,335
6,195
212
3,025
170
4,124
(1,008)
(957)
2,159
1,742
12,361
10,602
601
4,435
437
6,031
(3,271)
(1,500)
1,259
1,009
1,593
1,413
98
858
41
981
(988)
118
111
79
3,882
3,737
92
1,391
44
1,488
(1,149)
(725)
(385)
(349)
10
12 "BTA Bank" CJSC

13
"Byblos Bank
Armenia" CJSC
14
"Converse Bank"
CJSC
13,762
10,897
1,365
5,153
848
7,501
(6,459)
(300)
741
449
15
"HSBC Bank Armenia"

CJSC
23,299
18,763
2,610
14,273
2,150
18,349
(7,654)
(552)
10,144
8,010
16,944
14,631
992
8,655
822
10,798
(4,013)
(627)
6,157
4,887
1,134
1,070
36
1,058
35
1,121
(758)
(36)
327
234
"ProCredit Bank"
CJSC
6,446
5,895
346
3,409
150
3,764
(3,397)
(264)
104
22
6,560
5,217
298
2,752
(66)
3,731
(1,689)
(259)
1,784
1,411
20,524
16,829
1,355
5,608
1,083
9,031
(7,119)
(1,018)
895
484
38,910
30,475
2,669
15,188
2,040
22,995
(12,212)
(3,454)
7,329
5,638
320,401 264,355
24,485
131,503 17,810
180,874
59,852
46,292
16 "InecoBank" CJSC
18
20 "UniBank" CJSC
21
"VTB Bank Armenia"

CJSC
Total
(100,901) (20,121)
* Net operating income is before provisions and administrative expenses.

35
Appendix 4
Bank Contact Details
ACBA-Credit Agricole Bank
Director: Hakob Andreasyan
Address: 1Byron str., Yerevan
Tel./Fax: (+37410) 318888
TELEX: 243-103 ACBA AM
E-mail: acba@acba.am
Website: acba.am
SWIFT: AGCAAM22
Ararat Bank
Director: Ashot Osipyan
Address: 19 Pushkin str.,
Yerevan, RA
Tel./Fax: (+37410) 592323,
(+37410) 547894
TELEX: E-mail:
araratbank@araratbank.am
Website: araratbank.am
SWIFT: ARMCAM22
Armbusinessbank
Director: Arsen Mikaelyan
Address: 48 Nalbandyan str.
Yerevan, RA
Tel./Fax: (+37460) 372500,
(+37410) 592020, 592064
TELEX: 243134 IBANK.AM
E-mail:
info@armbusinessbank.am
Website: armbusinessbank.am
SWIFT: ARMNAM 22
ArmSwissBank
Director: George Machanyan
Address: 10 Vazgen Sargsyan
str., Yerevan, RA
Tel./Fax: (+37410) 584419,
540728, 529593,
TELEX: E-mail: info@armswissbank.am
Website: rmswissbank.am
SWIFT: ARSGAM22
Ameria bank
Director: Artak Hanesyan
Address: 9 Grigor Lusavorchi str.,
Yerevan, RA
Tel./Fax: (+37410) 561111,
513133
TELEX: 684-243352
E-mail: info@ameriabank.am
Website: ameriabank.am
SWIFT: ARMIAM22
Ardshinbank
Director: Mher Grigoryan
Address: 13 G. Lusavorchi str.,
Yerevan, RA
Tel./Fax: (+37410) 540404
567486
TELEX: 243-286 LALA AM
E-mail: office@ashib.am
Website: ashib.am
SWIFT: ASHBAM22
Armeconombank
Director: Armen Naljyan
Address: 23/1 Amiryan str.,
Yerevan, RA
Tel./Fax: (+37410) 510910,
538904
TELEX: 243274MOZG AM
E-mail: bank@aeb.am
Website: aeb.am
SWIFT: ARECAM22
Artsakh Bank
Director: Kamo Nersisyan
Address: 3 Kievyan str., Yerevan,
RA; 25 Knunyancneri,
Stepanakert, NKR
Tel./Fax: (+37410) 220743,
270763, 270734
TELEX: (684) 243 385 BANK AM
E-mail: info@ab.am
Website: artsakhbank.com
SWIFT: ARTSAM22
Anelik Bank
Director: Nerses Karamanukyan
Address: 13 Vardanants str.,
Yerevan, RA
Tel./Fax: (+37410) 593333,
(+37460) 273333
TELEX: ANELSU
E-mail: anelik@anelik.am
Website: anelik.am
SWIFT: ANIKAM22
Areximbank Gazprombank
Group
Acting Director: Vigen
Barseghyan
Address: 6-10 Northern ave.,
Yerevan, RA
Tel./Fax: (37410) 514040, 514060
TELEX: 243-111 RKARM AM
E-mail: info@areximbank.am
Website: areximbank.am
SWIFT: RKASAM22

Director: Karen Sargsyan
Address: 21/1 Paronyan str.,
Yerevan, RA
Tel./Fax: (+37410) 591515,
591405
TELEX:(684)243-116ADBAM
E-mail: info@armdb.com
Website: armdb.com
SWIFT: ARDEAM22
BTA Bank
Acting Director: Hovhannes
Mkrtichyan
Address: 48/1 Nalbandyan str.,
Yerevan, RA
Tel./Fax: (+37410) 500777,
547645, 547649
TELEX: 243124 ECO AM
E-mail: bta@bta.am
Website: bta.am
SWIFT: BTAIAM22
36
Appendix 4
Bank Contact Details (continued)
Byblos Bank Armenia
Director: Ararat Ghukasyan
Address: 18/3 Amiryan str.,
Yerevan, RA
Tel./Fax: (+37410) 530362,
535296
TELEX: 24-33-60 (068)
E-mail: infoarm@byblosbank.com
Website: byblosbankarmenia.am
SWIFT: BYBAAM22
Inecobank
Director: Taron Ganjalyan
Address: 17 Tumanyan str.,
Yerevan, RA
Tel./Fax: (+37410) 510510,
510573
TELEX: E-mail: inecobank@inecobank.am
Website: inecobank.am
SWIFT: INJSAM22
Prometey Bank
Director: Emil Soghomonyan
Address: 44/2 Hanrapetutian str.,
Yerevan, RA
Tel./Fax: (+37410) 562036,
582977, 545719
TELEX: E-mail: info@prometeybank.am
Website: prometeybank.am
SWIFT: PRMLAM22
Converse Bank
Director: Tigran Davtyan
Address: 26/1V. Sargisyan str.,
Yerevan, RA
Tel./Fax: (+37410) 511200,
511211, 51 12 12
TELEX: 243139 PBCON RU, 111
780 HOR RU
E-mail: post@conversebank.am
Website: conversebank.am
SWIFT: COVBAM22
Mellat Bank
Director: Touraj Mehrdad
Address: 6 Amiryan str.,
Yerevan, RA
Tel./Fax: (+37410) 581791,
581523, 540885
TELEX: 581523
E-mail: mellat@mellatbank.am
Website: mellatbank.am
SWIFT: BKMTAM22
Unibank
Director: Vardan Atayan
Address: 12/53 Charents str.,
Yerevan, RA
Tel./Fax: (+37410) 592259;
595555, 555140
TELEX: 243313 UNI AM
E-mail: unibank@unibank.am
Website: unibank-armenia.com
SWIFT: UNIJAM22
HSBC Bank Armenia

Director: Thies Clemenz
Address: 66 Teryan str., Yerevan,
RA
Tel./Fax: (+37410) 515000,
515001
TELEX: 515000
E-mail: hsbc.armenia@hsbc.com
Website: hsbc.am
SWIFT: MIDLAM22
ProCredit Bank
Director: Avtandil Gogoli
Address: 105/1 Teryan str., area
11, 7th floor, Citadel Business
Center, Yerevan, RA
Tel./Fax: (+37411) 202020
TELEX: E-mail: info@procreditbank.am
Website: procreditbank.am
SWIFT: PRCBAM22
VTB Bank (Armenia)

Director: Yuri Gusyev
Address: 46 Nalbandyan str.,
Yerevan, RA
Tel./Fax: (+37480000) 8787,
(+37410) 565578
TELEX: E-mail: headoffice@vtb.am
Website: vtb.am
SWIFT: ARMJAM22
37
KPMG Experience in the Armenian Banking Sector

Audit
Tax
Current clients
Current clients
Ardshinbank CJSC
VTB - Armenia Bank CJSC
Armenian Development Bank OJSC

Inecobank CJSC
HSBC Bank Armenia CJSC
PanArmenian Bank OJSC
ProCredit Bank CJSC
Advisory
Client name
Service description
Anelik Bank CJSC
KPMG in Armenia provided IT Advisory services to the bank.
Inecobank CJSC
KPMG in Armenia assisted the Bank in HR Advisory Services.
Undisclosed Bank
Converse Bank CJSC
Armimpexbank CJSC
KPMG in Armenia performed Banks Top management

remuneration and bonus competitiveness survey
KPMG in Armenia assisted Converse Bank cjsc in developing a
marketing plan for attracting corporate customers.
KPMG in Armenia assisted the Bank in the development and
implementation of a one window system.
KPMG in Armenia assisted the Bank in obtaining necessary
Byblos Bank Armenia CJSC
information about the commercial and retail lending market of

Armenia.
Ardshinbank CJSC
International Undisclosed Bank
KPMG in Armenia assisted the Bank in the development and

implementation of a one window system.
KPMG in Armenia assisted in the pre-investment due-diligence to
International Bank in its acquisition of an Armenian bank.
38
Abbreviations
AMD
Armenian Dram
BSTDB
Black Sea Trade and Development Bank
CBA
Central Bank of Armenia
CJSC
Closed Joint Stock Company
DEG
Deutsche Investitions und Entwicklungsgesellschaft
EBRD
European Bank for Reconstruction and Development
GDP
Gross Domestic Product
HHI
Herfindahl-Hirschman Index
IFC
International Finance Corporation
KfW
Kreditanstalt
Institute)
LLC
Limited Liability Company
NfPO
Non for Profit Organizations
NIM
Net Interest Margin
NPE
NPT
OCI
Other Comprehensive Income
OeEB
Development Bank of Austria
OFI
Other Financial Institutions
OJSC
Open Joint Stock Company
OPEC
Organization of the Petroleum Exporting Countries
PM
Profit Margin
RA
Republic of Armenia
ROA
Return on Assets
ROE
Return on Equity
SME
Small and Medium Entrepreneurship
fr
Wiederaufbau
(Reconstruction
Credit
39
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.
Equity to assets
Calculated as the total equity divided by the total assets.
Liquidity
Prudential ratio N12 (High liquid assets/Total assets) calculated and reported by each bank as of the
reporting date according to the corresponding regulation of the CBA.
Capital adequacy
Prudential ratio N1 (Total capital/ risk weighted assets) calculated and reported by each bank as of
the reporting date according to the corresponding regulation of the CBA.
Net interest margin
Calculated as the net interest income generated during the last 12 months ended by the reporting
date divided by the average interest earning assets for the mentioned 12 months.
Profit margin
Calculated as the net profit generated during the reported period divided by the total income for
the same period.
Return on Assets
Calculated as the net profit generated during the last 12 months ended by the reporting date
divided by the total average assets for the mentioned 12 months.
Return on Equity
Calculated as the net profit generated during the last 12 months ended by the reporting date
divided by the average total equity for the mentioned 12 months.
40
Contact us
Tigran Gasparyan
Managing Partner
KPMG in Armenia
T + 374 10 56-67-62
E tgasparyan@kpmg.co.am
Zaruhi Furunjyan
Head of Advisory
Manager
T + 374 10 56-67-62
E zfurunjyan@kpmg.co.am
www.kpmg.am
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual
or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is
accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without
appropriate professional advice after a thorough examination of the particular situation
2015 KPMG Armenia cjsc, a company incorporated under the Laws of the Republic of Armenia, a member firm of the KPMG
network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All
rights reserved.
The KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International.

Armenian Banking Sector Overview

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Armenian Banking Sector Overview

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Appendix 1: Shareholding Structure & General Information

Appendix 2: Sector Insights

Appendix 3: Key Financial Indicators

Appendix 4: Bank Contact Details

KPMG Experience in the Armenian Banking Sector

2015 KPMG Armenia cjsc. All rights reserved.

Total Income (right axis)

Net Profit (right axis)

2015 KPMG Armenia cjsc. All rights reserved.

Key Indicators of the Financial Position

Key Indicators of the Financial Results

Cost to Income Ratio

5th rank by the assets

New branch was opened in Erebuni, Yerevan

Bank Profiles (continued)

Key Indicators of the Financial Position

Key Indicators of the Financial Results

1st rank by the assets

Bank Profiles (continued)

Key Indicators of the Financial Position

Key Indicators of the Financial Results

The bank was awarded ISO 9001: 2008 quality

Bank Profiles (continued)

Key Indicators of the Financial Position

Key Indicators of the Financial Results

5th rank by the total comprehensive income

Bank Profiles (continued)

Key Indicators of the Financial Position

Key Indicators of the Financial Results

3rd rank by the assets

The name of the bank was changed to

Bank Profiles (continued)

Key Indicators of the Financial Position

Key Indicators of the Financial Results

Bank Profiles (continued)

Key Indicators of the Financial Position

Key Indicators of the Financial Results

New branches were opened in Komitas,

3rd rank by the loan portfolio

A new branch was opened in Gegharkunik

The bank and Czech Export Bank signed a Framework

Bank Profiles (continued)

Key Indicators of the Financial Position

Key Indicators of the Financial Results

Bank Profiles (continued)

Key Indicators of the Financial Position

Key Indicators of the Financial Results

Bank Profiles (continued)

Key Indicators of the Financial Position

Key Indicators of the Financial Results

10% 20% 30% 40% 50%

The bank and the EBRD signed a loan

Bank Profiles (continued)

Key Indicators of the Financial Position

Key Indicators of the Financial Results

Bank Profiles (continued)

Key Indicators of the Financial Position

Key Indicators of the Financial Results

Bank Profiles (continued)

Key Indicators of the Financial Position

Key Indicators of the Financial Results

-20% 0% 20% 40% 60% 80% 100%

Bank Profiles (continued)