Armenian credit organizations report 28% rise in their net profit in quarter two

25.08.2015 19:53
Armenian credit organizations report 28% rise in their net profit in quarter two

YEREVAN, August 25. / ARKA /. The net profit of 32 credit organizations operating in Armenia in the second quarter of the year stood at about 4.99 billion drams, an increase of 28.3% year-on-year, according to ARKA news agency’s ranking of the most profitable credit organizations compiled for the second quarter of 2015.

The combined profit of 23 credit organizations, which reported profit in the second quarter, amounted to over 5.5 billion drams, however, 9 other organizations sustained losses totaling 543.5 million drams. For comparison, in the second quarter of 2014 losses were reported by only 5 credit organizations worth 219.6 million drams.

According to the ranking, the top five most profitable credit organizations were Bnakaran Yeritasardnerin, Fast Credit, Aregak, The National Mortgage Company and Kamurj, which accounted for  about 84.7% or 4.225  billion drams of the total net profit.

Bnakaran Yeritasardnerin earned about 1.8 billion drams in net profit , an increase of 2.5 times from the year before. Fast Credit earned  801.3 million drams. A year earlier it suffered 34 million drams in losses.

Aregak’s net profit for the second quarter amounted to 772.6 million, a growth of  3.2%. The National Mortgage Company earned 505.9 million drams, up from  322.5 million drams earned in the second quarter of 2014. The fifth largest credit organization by size of net profit in the second quarter of 2015 was Kamurj with  approximately 345.9 million drams, a drop of  27.1% from the year before.

Fast Credit organization showed the highest growth, while the largest drop was shown by Ecumenical Church Fund credit organization which had a loss of 89.2 million drams, while in the second quarter of 21014 it posted a profit of 40.3 million drams.

The ranking is compiled based on ARKA news agency’s bulletin ‘Credit Organizations of Armenia.’
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