ARMECONOMBANK Summarizes 2024 Results with New Opportunities for Progress
Growth in assets, an increase in annual profit, significant achievements, and new development opportunities — this is how the financial year 2024 can be described for ARMECONOMBANK.
On June 13 of this year, ARMECONOMBANK held its Annual meeting, attended by the Bank’s shareholders, representatives of the Central Bank of Armenia, partners, and customers.
Staying true to its principles of transparency and accountability, the Bank's management presented the key financial indicators of the past year, emphasizing that the growth was driven by the introduction of innovative services and professional solutions.
In 2024, several technological advancements were implemented in the Bank’s AEB Mobile application, including biometric identification, the Moneysend transfer system, the Visa Stop Payment Service and integration with the international UBPay settlement system.
ARMECONOMBANK became the first in Armenia to introduce offline contactless payments via POS terminals with deferred transaction capability. The Bank also participated in the deployment of physical and virtual POS terminals in Yerevan’s public transportation system.
Guided by strategic priorities, the Bank recorded substantial growth in key financial indicators. Compared to the previous year:
· The Bank’s assets increased by 14%, and liabilities grew by 11%
· The volume of loans issued to clients reached AMD 342.1 billion, a growth of approximately 17%
· Net profit for the year amounted to AMD 9 billion, reflecting a 90% increase compared to the previous year։ accordingly, the Bank continues to pay dividends to its shareholders.
In the context of these positive changes, the deepening cooperation with international partners stands out. In 2024, ARMECONOMBANK signed several new credit agreements, attracting the equivalent of approximately USD 70 million in financial resources. These funds were directed towards supporting micro, small, and medium-sized businesses, as well as green financing programs.
In the line with its commitment to corporate social responsibility, the Bank allocated around AMD 170 million in 2024 to support initiatives in education, healthcare, and social sectors.
Notably, a new partnership has been launched with the “Soldier’s Home” rehabilitation center, comprising two main programs:
· An educational program for disabled veterans, with employment opportunities at the Bank.
· Expansion of the center’s capacity for inpatient treatment and recovery services.
The total budget for these initiatives is AMD 50 million, fully financed by ARMECONOMBANK.
ARMECONOMBANK remains steadfast in its mission to operate as a stable, trustworthy, and forward-looking financial institution. The Bank continues to contribute effectively to the development of the Armenian banking sector and economy, prioritizing the aligned interests of its shareholders, clients, and employees.
ARMECONOMBANK is supervised by the Central Bank of Armenia.
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