Inecobank has summed up the results of the third quarter of 2017 with a profit of 5.5 billion drams, having increased by 63.7% against the same period last year.

According to the report, Inecobank continues to provide excellent results, successfully maintaining its leading position in the market, with net profit and ROE indicators.

The volume of assets have reached 245 billion drams, having increased by 3.6% against the beginning of the year and the gross loan portfolio has grown by 4.1% to 173 billion drams. In particular,

- The retail loan portfolio has grown by 6.3% to 63 billion drams,

- The corporate loan portfolio has grown by 2.8% to 110 billion drams.

The liquidity ratio (the ratio of liquid assets and total assets) as of September 30 made 27%, decreasing from 27.2% at the beginning of the year.

Liabilities totaled 197 billion drams, up 2.1% from the beginning of the year. The Bank's liabilities are diversified,

- 60.5% of the funds are attracted from customers,

- 27.6% are attracted from international financial institutions.

As of September 30, the volume of customers' attraction is 119 billion drams,

- 78% are individuals' savings,

- 22% - are savings of customers of corporate and institutional segments;

"The asset quality is improving, reaching the level of 2014-2015.

NPL indicator (share of non-performing loans in total loan portfolio) at the end of the third quarter was 5.6%, having increased by 1.2 percentage points compared with the same period last year. NPL coverage coefficient was 59.7%.

Own capital as of September 30, 2017 made AMD 48 billion, having increased by 10.3% compared to the beginning of the year.

The capital adequacy ratio defined by the Central Bank of Armenia (CBA) made 15.1%. All Armenian banks are required to maintain a minimum level of 30 billion drams of the normative capital and minimum 12% of the capital adequacy ratio. As of September 30, 2017 Inecobank corresponds to all established normative indices.

Net interest income as of the third trimester of 2017 has Increased by 15% as compared to the same period of the previous year, amounting to 11.5 billion drams. The total operating income reached 14.4 billion drams, having increased by 13%.

Our efforts to reduce costs have resulted in an improvement in Cost / Income indicator by 10.6 percentage points: from 39.8% at the beginning of the year it has dropped to 29.2% at the end of the third quarter of 2017. Total operating expenses amounted to 4.2 billion drams, having decreased by 11.2% compared to the same period of the previous year.

Inflation losses has improved by 13.8% as of the end of the third quarter of 2017, making 3.2 billion drams. The credit risk ratio made 2.5% having improved by 0.6 percentage points compared with the third quarter of 2016.

The material is copyrighted and protected by law