Armenian banks’ retained income in q 1 rises to 6.8 billion drams from 1.1 billion drams in q 1 , 2009

11.06.2010 21:18
Armenian banks’ retained income in q 1 rises to 6.8 billion drams from 1.1 billion drams in q 1 , 2009

YEREVAN, June 11, /ARKA/. Armenian banks’ retained income in the first quarter of 2010 rose to 6.8 billion Drams from about 1.1 billion Drams in the first quarter of 2009.

The volume of retained accumulated balance sheet profit grew by almost 9% from 74.5 billion Drams at the end of quarter one 2009 to 81.2 billion Drams on March 31, 2010.

According to provisional financial reports of the banks for the first quarter of 2010, the volume of their interest yield amounted to 31.5 billion Drams with 13.5 billion Drams of interest expenses.

Commission income of all Armenian commercial banks grew to 4.1 billion Drams with 799 million Drams of commission expenses. As a result net interest yield of the banks in Q1, 2010 totalled about 18.8 billion Drams while net commission income totalled about 33 billion Drams.

Also the aggregate income of 20 out of 22 banks totalled 7.2 billion Drams, up from 3.2 billion Drams year-on-year reported by 13 banks. Two banks reported losses in Q1 , 2010 in the amount of 503.4 million Drams.

The largest income was reported by ACBA Credit Bank—981.1 million Drams, growing by almost 40% year-on-year. It was followed by HSBC Bank Armenia with 934.5 million Drams against 638.9 million Drams losses in the first quarter of 2009. Third was Ardshininvestbank with 733.4 million Drams.

Its income was down by 44.1% year-on-year. Bank VTB (Armenia) earned 670 million Drams of net income, reporting a 7 time growth, Conversebank earned 625 million Drams (246.99% growth). On March 31 there were 22 commercial banks in Armenia with 387 branches. ($1 – 374.27 Drams). -0-


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