Finance

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July, 2020
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Converse Bank has increased the authorized capital
17/04/2020 20:53

Converse Bank has increased the authorized capital

The authorized capital of Converse Bank has increased by AMD 3,531 B (USD 7.4 M).  The decision on replenishment of the authorized capital was taken at the General Shareholder Meeting of the Bank on April 2.

“Eurnekian Family has always prioritized the expansion of their presence in Armenia and Artsakh and has continuously made contributions to the economic development and charity programs.  Our decision is a significant step toward the creation of a stronger and more rapidly growing Bank.  On the other hand, we do believe that the Armenian economy is attractive and has a sustainable financial sector with a large earning potential.  By increasing the capital we express our confidence in the Bank in the view of implementation of the upcoming plans,” Jorge Alberto Del Aguila, Converse Bank CJSC Board member and the representative of Eurnekian Family in Armenia, said.

“The ordinal increase of capital was planned under the Bank’s development programs for 2020, which was approved back in the past year.  We completed the process in April.  In the recent years Converse Bank has demonstrated a progressively steady growth in the core business indicators by providing a firm level of profitability.  The increase of capital will enable the Bank to preserve the growth rate.  The funds will be used to expand the financing of small and medium businesses, as well as to achieve the strategic objectives of the Bank, among which the development of remote digital services,” Artur Hakobyan, the CEO of Converse Bank CJSC said.

Converse Bank was founded in 1993.  The Bank positions itself as a universal bank and views the retail banking services as a priority direction of development.  The Bank’s main financial results displayed sustainable growth dynamics in the period of 31.12.2016-31.12.2019, the assets grew by 71% and comprised about AMD 326.6 B at the end of 2019, the loan portfolio grew by 90% and amounted to about AMD 226.7 B, the liabilities increased by 77% and made about AMD 281.6 B, and the net profit grew roughly 3.5 times and made over AMD 5.4 B.  The ROE made 12.9% based on the 2019 results.

Ucom - broadband connection starting at AMD 6,000
AMD Rates
10:50 09/07 Buy Sell
AMD / USD 484.00 488.00
AMD / EUR 545.00 551.00
AMD / RUR 6.76 6.90
dollars
dollars
CBA Rates
08/07/2020
USD / AMD
485.74
+0.62%
EUR / AMD
547.57
+0.65%
RUR / AMD
6.82
+0.10%
GBP / AMD
608.34
+2.91%
Cryptocurrencies
10:50 09/07
BTC/AMD
4,500,560
+0.06%
BTC/USD
9277.21
+0.06%
ETH/USD
240.09
+0.47%
BCH/USD
240.08
+0.11%
XRP/USD
0.20
+0.00%
LTC/USD
44.40
+0.34%
ETH/BTC
0.02587810
+0.47%
BCH/BTC
0.02587755
+0.11%
XRP/BTC
0.00002139
+1.42%
LTC/BTC
0.00478593
+0.34%
CBA Metals
08/07/2020
dram / gram
Gold
27947.23
+61.41%
Silver
281.42
-3.30%
Platinum
12962.03
+63.34%
FOREX
08:35 09/07
EUR/USD
1.1365
+0.78%
GBP/USD
1.2634
+0.61%
USD/JPY
107.26
-0.31%
EUR/GBP
0.8997
+0.20%
Oil
08:35 09/07
$ / barrel
Brent
43.25
+0.56%
Light Sweet
40.84
+0.74%
COMEX
08:35 09/07
$ / tr. oz
Gold
1821.20
+0.80%
Silver
19.21
+3.06%
Platinum
883.10
+2.06%
LME / 3M
08:35 09/07
$ / tonne
Aluminium
1651.00
+1.54%
Copper
6197.50
+1.52%
Nickel
13465.00
+1.18%
Tin
17026.00
-0.02%
Lead
1831.50
+2.06%
Zinc
2107.00
+2.88%
Molybdenum
16314.00
-1.07%
Cobalt
28500.00
+0.00%
Indexes
08:35 09/07
point
Dow Jones
26067.28
+0.68%
S&P 500
3169.94
+0.78%
NASDAQ
10492.50
+1.44%
FTSE
6156.16
-0.55%
CAC 40
4981.13
-1.24%
DAX
12494.81
-0.97%
RTSI
1245.54
-0.18%
Nikkei
22438.65
-0.78%
Topix
1557.23
-0.92%
Hang Seng
26129.18
+0.59%
SSEC
3403.44
+1.74%
CBA Interest Rates
26/03/2020
Refinancing
Refinancing Rate
4.50
+0.00%
Lombard Repo
Lombard Repo Rate
6.00
+0.00%
Deposit
Deposit Rate
3.00
+0.00%
Macroeconomy
03/2020
CEA
Coefficient of Economic Activity
+8.90%
Ind. Prod. 3
Volume of Industrial Production
585.21
+4.20%
Export 1
Export
692.5
-8.10%
Import 1
Import
1,323.4
-11.50%
CPI
Consumer price index
+0.1
Avg. Salary 2
Average salary
191,623
+9.30%
Services 3
Volume of services
585.44
+0.1%
Construction 3
Volume of construction
54.03
-21.9%
1 - mln AMD, 2 - AMD, 3 - bln AMD