YEREVAN, April 30, /ARKA/. Armenian commercial banks earned 4.2 billion Drams in net profits in the first quarter of 2010. The figure is in sharp contrast to 402.5 million Drams of losses reported in the first quarter of 2009.

The Central Bank of Armenia said in its review of banks’ performance in Q 1, 2010 that the banks’ before tax profits constituted 5.4 billion Drams, up from 532.8 million Drams in Q1, 2009.

The volume of interest profit amounted to 31.4 billion Drams, as interest expenses made 14.1 billion Drams. Non-interest profits totaled 8.4 billion Drams with 15.7 million Drams of non-interest expenses. As a result the volume of net interest profits in the first quarter totaled 17.3 billion Drams, up from 14.5 billion Drams in Q1, 2009, while net non-interest profits were less 7.3 billion Drams, down from 9.7 billion Drams in Q1, 2009.

The amount of retained accrued profits of banks was 68.9 billion Drams. According to ARKA’s data, the largest net profit was earned by ACBA Credit Agricole bank -981.1 million Drams. Second was

HSBC Bank Armenia with 934.5 million Drams and third was Ardshininvestbank with 733.3 million Drams. ($1 – 385.50 Drams). -0-