YEREVAN, June 17. / ARKA /. Net interest earnings of Armenian banks in the first quarter of this year increased by 26.6% to more than 22.8 billion drams. Gross interest earnings increased by 25.5% to about 39.6 billion drams, and interest expenses surged by 23.9% to 16.7 billion drams.

According to the interim financial statements of the banks for the first quarter of 2011, the leader in terms of net interest income was ACBA-Credit Agricole Bank with 3.1 billion drams, accounting for 13.5% of the combined net interest earnings of all banks

The list of five leading banks also included HSBC Bank Armenia (2.8 billion drams of net earnings), VTB Bank (Armenia) (2.4 billion drams), Ardshininvestbank (1.9 billion drams) and Ameriabank (1.8 billion drams). Bank Mellat reported 44.539 million drams losses in net incomes, resulting from a 386 million drams interest income and 431 million drams interest expenses.

There are 31 banks in Armenia which operate 411 branches. ($ 1 - 375.67 AMD). -0-