VTB Bank (Armenia) secures record profit of AMD 2 billion

ArmInfo. By the end of 2020 VTB Bank (Armenia)  ensured a record profit of 2 billion AMD over the past few years. The  press service of the bank told ArmInfo about this, referring to the  published annual reporting in accordance with IFRS.

Net interest income, having increased by 10% in 2020, amounted to  23.1 billion drams. Net fee and commission income increased by 28% to  AMD 3 billion.

The total assets of the bank increased by 8.6% in 2020 amounting to  333.8 billion drams. In their structure, the share of credit  investments accounted for 68.2% or 227.7 billion drams, with an  annual growth of 7.7%.  Loans to individuals increased by 9.1% to AMD  184 billion, to legal entities by 2.4% to AMD 43.6 billion.  The  bank's total liabilities increased by 9.5% during the reporting year,  amounting to 284.1 billion drams, of which 261 billion drams are  funds attracted from clients, the volume of which increased by 7%  year over year.

VTB maintains its positions in the Armenian banking market in terms  of key indicators and leads in a number of them. The bank's consumer  loan portfolio at the end of 2020 is 94 billion drams, which  corresponds to a market share of 21%. The number of issued payment  cards reached 360 thousand (market share 14%), salary cards - 96  thousand (15%), pension ones- 114 thousand (36%). The volume of paid  remittances amounted to 88.3 billion drams, which corresponds to a  market share of 13.5%.

VTB also holds a leading position in terms of the volume of servicing  state programs, having increased this indicator by 28% in 2020 - up  to 81.5 billion drams. In addition, the bank has the widest network  of branches and ATMs at the moment. In 2020, VTB continued to  actively develop both retail and corporate business. For the first  time in the Armenian banking market, VTB launched online POS and  consumer lending, payment rings, children's, youth and student cards,  as well as a number of new lending programs with major car dealers  and developers. Bank opened the first mortgage center in the country-  a single comfortable and technologically advanced platform that  combines all services related to the purchase of housing on a turnkey  basis. By expanding the product line and remote service channels in  2020, the bank ensured the attraction of new clients and increased  loyalty of existing customers. Number of active clients individuals  reached 561 thousand, which is 44% of the economically active  population of the country. 

As part of brokerage services VTB launched a brokerage service-  electronic access to conclude transactions in the Russian and foreign  securities markets through the Quik online trading system and the VTB  My Investments mobile application.  In the segment of medium and  small business, VTB financing was received by such companies as  Tel-Cell CJSC, Toyota Yerevan car dealership, Ardis LLC, Yerevan  Sparkling Wine Factory OJSC and others. 

Ivan Telegin, CEO, Chairman of the Directorate of VTB Bank (Armenia)  commented: "Despite the objective difficulties of 2020, we managed to  record a record profit. We improved the quality of products and  services, increased the efficiency and manageability of business  processes. In 2021 within the bank's strategy we plan to launch such  important projects as the transition to the "Multicard" processing  center in order to improve the quality of service for cardholders,  the launch of a new high-tech mobile and Internet bank, a national  tourist card based on the ArmenianGuide mobile application, and its  own money transfer system. Besides, VTB will continue to actively  participate in all government programs and initiatives aimed at the  economic development of the country, including support for  agriculture and small business. "