YEREVAN, June 29. /ARKA/. Things in Armenia’s banking sector will improve before the end of this year, Ashot Osipyan, chairman of Araratbank’s board, told ARKA News Agency on Monday.

He is convinced that the current decline in the banking sector is temporary – it is a retarded adverse impact from the developments that affected Russia in 2014.

“Now Armenian banks are more conservative, and I am convinced that this will be followed by recovery soon,” Osipyan said.

According to 21 Armenian commercial banks’ reports for the first quarter of this year, their assets have shrunk 3.4% since the beginning of the year to AMD 3 272.1 billion in late March, and their liabilities reduced 4.3% to AMD 2 785.7 billion.

The banks’ aggregate loan portfolio amounted to 2 075.6 billion after shrinking 3.54%. They earned AMD 2 249.7 billion in profits over the first quarter accounting for a 75.2% year-on-year decline. Their capital has grown 2.7% since the beginning of this year to AMD 486.4 billion.

Osipyan also said that Armenian banks will enjoy profits later this year.

According to the central bank’s figures, Armenian commercial banks’ assets totaled AMD 3 304.7 billion by early June 2015 showing 3.1% decline and liabilities AMD 2 835 billion – 4% decline.

Their aggregate capital grew 0.1% to AMD 469.6 billion. ($1 – AMD 473.18). --0--