In all areas, the bank showed strong growth in 2006 with net profits up 38.5% to $8.7m and assets up 38.9% to $220.8m. The RoE remained easily the highest of any bank in the country, at 38.7%, with market leading positions in customer deposits and total assets.
HSBC Bank Armenia accelerated lending in the commercial banking area, especially to sectors such as supermarkets, consumer durables, cars and home improvement, where there was rapid growth. Several new products were rolled out in 2006 including credit cards and car, mortgage and property renovation loans.
This year, the bank has fulfilled its pledge to expand its branch network, increasing the number of branches from two at the beginning of the year to seven in September with at least 10 expected by year end. In addition, 40 ATMs are now operational. The bank plans to continue this significant investment in premises and technology.
CEO Tony Turner says that HSBC Bank Armenia is delighted to win this award. “None of this would have been possible without Armenia’s excellent economic progress and growth; without the commercial success, loyalty and support of our 35,000 customers; or without the untiring efforts of the bank’s 335 brilliant Armenian staff. Thank you to each one of them.”
