YEREVAN, December 22. / ARKA /. Expenditure on salaries and similar funds of the banking system of Armenia as of September 30 2009 amounted to 19.4 billion drams, having increased over the same period of 2008 by 3.9%.

According to the analysis of the ARKA News Agency based on financial reports of banks for the third quarter of 2009, the average cost of salaries and equivalents amounted to about 880 million drams against 847.3 million drams in the reporting period for January-September 2008 year.

Each month there is an average of 97.8 million drams for per bank.

The leader among the banks of Armenia is ACBA-Credit Agricole Bank, which submitted a salary of 3.1 billon AMD, representing 16% of the total cost of the entire banking system of the country under this heading. However, this indicator is 1.2 times higher than compared with same period in 2008.

The second place goes to Ardshininvestbank with the figure of 1.9 billion AMD.

In comparison with January-September 2008, the bank has reduced its the costs of this article by 21%.

The third position belongs to HSBC Bank Armenia, which also reduced the cost of wages of about 141 million AMD or 7.6% over the same period in 2008.

The fourth and fifth places have been saved for VTB Bank (Armenia) at 1.5 billion drams, an increase of 31% over the same period in 2008, and Armeconombank at 1.2 billion drams against 1.3 billion

AMD.

As of September 30, 22 banks with 365 branches operate in Armenia. ($ 1 - 373.97 drama). –0-