YEREVAN, August 13, / ARKA /. The retained profits of Armenian credit organizations in the first six months of 2013 amounted to about 3.2 billion drams, an increase of 40 percent compared to the same period in 2012, the Central Bank of Armenia said in a review of credit institutions performance in the second quarter of 2013.

According to the Central Bank, the amount of credit organizations’ interest income amounted to 12 billion drams, while interest expenses to 4.5 billion drams. At the same time, their non-interest income amounted to 3.4 billion drams, while their non-interest expenses amounted to 6.1 billion drams. As a result, their net interest income in the reporting period amounted to 7.5 billion drams, up from 6.2 billion in the 6 months of 2012, and their net non-interest losses amounted to 2.7 billion drams, up from 1.6 billion loss from the year before.

Some 6 billion drams were paid to  the reserve fund set up for possible losses and  another 4.9 billion drams were returned from the reserve fund. As a result net allocations totaled one billion drams, down from  1.7 billion drams in January-June 2012.

On June 30, there were 33 credit organizations in Armenia running 120 branches. ($ 1 - 407.53 drams).