AraratBank convenes Annual General Meeting of Shareholders
Socity
On June 25, 2024, AraratBank convened an Annual General Meeting of Shareholders at “Hrachya Tamrazyan” Hall of “Matenadaran” Mesrop Mashtots Research Institute of Ancient Manuscripts.
AraratBank wrapped up the 2023 fiscal year with high performance indicators, overcoming the emerging challenges, inter alia, forgiving loan obligations of citizens uprooted from Artsakh by war, as well as implementing different support projects.
This was announced by Mher Ananyan, Chairman of the Executive Board of AraratBank, when wrapping up the indicators of last year at the Annual General Meeting of the Bank's Shareholders.
According to M. Ananyan, the Bank’s assets at year-end stood at AMD 403,497 million, providing a 12.9% growth over the previous year. The average annual growth rate of the Bank's assets within the last ten years is 12.4%.
As of the end of 2023, the Bank's liabilities stood at AMD 344,192 million, having increased by 12.8% or AMD 39,161 million over the previous year. At the end of the reporting year, term deposits stood at AMD 111,832 million or around 32.5% of total liabilities. At that, the increase in term deposits of individuals alone grew by 34.3%.
In 2023, the Bank's total loan portfolio made 49.7% of total assets versus 46.6% of the previous year, which is attributable to a rather high lending rate. The share of loans to individuals in the total loan portfolio increased by 1.2%, amounting to 48.5%.
During 2023, AraratBank continued its intensive activities on the securities market as part of its investment policy, ensuring continued growth of corresponding indicators, and by the end of 2023, the Bank’s investment securities portfolio amounted to AMD 54,086 million, having increased by 5.0% or AMD 2,628 million as compared to 2022.
"Summing it up, it should be pointed out that in 2023, despite numerous economic and geopolitical challenges, AraratBank continued to progress sustainably, ensuring growth of its assets, loan portfolio, capital and revenues and expanding its cooperation with international partners," noted Chief Executive Officer and Chairman of the Executive Board of AraratBank Mher Ananyan.
For the second year running, in addition to financial indicators, the General Annual Meeting оf Shareholders of AraratBank has included on its agenda the non-financial indicators – the social projects.
In 2023, the Bank implemented 11 social projects within the scope of its corporate social responsibility, highlighting, addressing and resolving a wide range of educational, health, environmental and social issues. The total cost of social projects exceeded AMD 100 million.
