Evocabank has summarized the 2023 annual results

The annual general meeting of Evocabank shareholders was held.

Evocabank has summarized the 2023 annual results

On June 28, the annual general meeting of Evocabank’s shareholders was held, which was attended by the Bank's shareholders, the Bank's Supervisory Board and invited persons.

The Chairman of the Bank's Management Board, Karen Yeghiazaryan, noted that Evocabank pursued the implementation of its strategic goals in 2023 and concluded the year with high financial indicators.

As of the results of 2023:

  • Total assets of the Bank amounted to AMD 446 bn, increasing by 28% compared with the previous year, which is 3 times higher than the growth rate of the banking system.
  • Total liabilities amounted to AMD 376 bn, increasing by 31% compared with the beginning of the year, which is 3.5 times higher than the growth rate of the system.
  • Funds raised from the Bank's customers amounted to AMD 302 bn, increasing by 26%, which is 2.7 times higher than the growth rate of the system.
  • Loan portfolio amounted to AMD 212 bn, increasing by 31% compared with the previous year, which is 1.5 times higher than the growth rate of the system.
  • In 2023 the Bank's total equity also increased by 14%, reaching AMD 69 bn.
  • In 2023 Evocabank secured a net profit of AMD 11 bn. 

By the size of total assets and total liabilities, the Bank has advanced its competitive position within the system by 2 points. In terms of the loan portfolio and funds attracted from customers, it has improved by 1 position.

As of 2023, Evocabank ranked as the 8th largest bank in Armenia in terms of total assets, total liabilities, loan portfolio, and net profit. It also secured the 7th position in funds attracted from customers and total equity.

Throughout 2023, the Bank achieved significant milestones, including the introduction of new products, the acquisition of prestigious international partners, and the formation of new strategic partnerships. Key achievements include:

  • Evocabank has raised another USD 7 mln from the Swiss responsibility to develop SMEs in Armenia.
  • Evoca has raised AMD equivalent of USD 2 mln from the Swiss Symbiotics Investments to support the financing of micro, small and medium businesses in Armenia.
  • The Bank has placed bonds of total amount of AMD 2 bn and USD 10 mln.
  • The Bank has introduced its new EvocaTOUCH app. Now, it looks like a social media feed – everything important and frequently used functions are on the same page - cards, accounts, loans, deposits, you can do your online banking an seconds.
  • The Bank has introduced a new product – digital cards. You can order your Evoca digital card on EvocaTOUCH app choosing the design on your wish. Digital cards can also be attached to Apple Pay and Google Pay.
  • The Bank has introduced another new digital product, the EvocaINVEST investment app on App Store and Google Play. Now customers have the opportunity to buy and sell securities, shares, ETFs and bonds in the financial markets of more than 20 countries without visiting the Bank.
  • Evoca has made another big step in digitalization by introducing a new e-Sign system, moving from paper documentation to a digital one.

In 2023, Evocabank implemented numerous high-impact projects that significantly benefited society, including:

  • The Bank has donated AMD 120 mln to Fab Lab Armenia. It is a smart workshop-laboratory, equipped with special equipment and materials, founded by the Massachusetts Institute of Technology, MIT, USA.
  • Evoca has transferred AMD 254 mln to the Yerevan municipality for the renovation of the martial arts sports school.

During the year, Evoca received several esteemed awards, including:

  • The prestigious Global Finance magazine has awarded the Bank 4 awards at once:
    • The best consumer digital bank in Armenia 2023
    • The best consumer mobile banking application in Armenia 2023
    • The best corporate digital bank in Armenia 2023
    • The best SME bank in Armenia 2023
  • Global Business & Finance Magazine has recognized Evocabank as the Most Innovative Digital Bank in Armenia in 2023.

In 2024 the Bank continues to adhere to its strategy and overall business model: to provide fast, simple, innovative services and stand out by active use of the latest information technologies while operating in a mobile-first format and making people's lives more convenient.

According to the decision of the shareholder’s general meeting the composition of the Bank’s Supervisory Board remained unchanged.