INECOBANK confidently progresses to the leaders

ArmInfo. INECOBANK increased net profit for the year of 2017 by 36.2% to 7.02 billion AMD ($ 14.5 million), having moved up from the 3rd to the 2nd position.

According to the Express-Ranking of Armenian Banks, prepared by IC ArmInfo on the basis of published financial statements of the bank, Inecobank increased assets for 2017 by 17.6%, total liabilities by 19.1%, total capital by 11%. In the structure of assets, the Bank increased credit investments and other loans by 8.1%, investments in securities - by 87.6%, while increasing in liabilities time deposits and demand deposits - by 27.5% and funds raised from banks and other financial organizations - by 65.3%. According to the main financial indicators, INECOBANK is included in the TOP-5 Armenian banks, with the 4th capital in terms of total capital, in terms of assets and liabilities - the 5th, in investments in securities - the 3rd, in terms of credit investments - the 5th. As of January 1, 2018, the assets of INECOBANK amounted to 277.8 billion AMD ($ 573.9 million), credit investments and other loans - 173.1 billion AMD ($ 357.5 million), investments in securities - 43.7 billion AMD ($ 89.8 million), total liabilities - 229.6 billion ($ 474.3 million), term deposits and demand deposits - 140.8 billion AMD ($ 290.8 million), and funds raised from banks and other financial organizations - 83.8 billion AMD ($ 173.1 million). In the structure of the total capital of INECOBANK, the share of the authorized capital is 46.2%, and the accumulated profit is 39.9%. In 2017, INECOBANK did not increase its authorized capital - 22.3 billion AMD ($ 46.1 million), while increasing the accumulated profit by 26.6% to 19.3 billion AMD ($ 39.8 million), which formed the total capital at the level of 48.2 billion AMD ($ 99.7 million). The regulatory total capital of the bank as of January 1, 2018 was 39.7 billion AMD, which is 11.8% higher than the level of the previous year. The bank's capital adequacy ratio at that date was 14.55% (with the required 12% min), the total liquidity ratio was 31.52% (with the required min 15%), the current liquidity ratio was 180.62% (with the required min 60% ). The loan portfolio of INECOBANK is diversified by branches of the economy, but the dominant part is in the sphere of trade (3rd position), the industrial sector (5th position) and the SME sector (5th position). In parallel, the bank continues to actively engage in consumer lending, holding on to the leading five. INECOBANK has been operating in the Armenian market since October 1996. In December 2016, ProCredit Bank merged with INECOBANK, and within this process an institutional investor in the person of EBRD was involved in the capital. Taking into account this, the share participation of the majority shareholders of Inecobank now looks as follows: Baloyan Avetis - 27.4%, Safarian Karen - 23.67%, EBRD - 22.7%, member of the banking group KfW - Deutsche Investitions-und Entwicklunsgesellschaft mbH (DEG) - 9.58%, International Finance Corporation (IFC) - 7.1%. The branch network of the Bank has 21 subdivisions, out of which 13 are located in Yerevan and 8 - in the regions of Armenia.