YEREVAN, February 4. /ARKA/. The total capital of 21 banks in Armenia in 2015 increased by 17.8% reaching 561.9 billion drams, according to ARKA news agency’s financial and economic bulletin "Banks of Armenia" for the fourth quarter 2015.

In late 2014 the Central Bank of Armenia decided to raise the minimum size of the total capital of commercial banks from 5 billion drams to 30 billion drams. The decision becomes effective from January 1, 2017.

Following this decision, the Armenian banks began an active search for additional sources of funding - some replenished their capital at the expense of shareholders, others announced IPOs, while others decided to merge. According to some experts, this may result in the reduction of the number of the banks from current 21 to about 15.

According to quarterly data, Armenian banks increased their authorized capital by 25.7% last year to 355.2 billion drams.

At the end of 2015, 6 local banks with the combined capital of over 305 billion drams (54.3% of the total capital of all 21 banks) met the new requirement of the Central Bank.

Armenian banks assets in 2015 increased by 4.67% to 3.548.1 trillion drams; their liabilities upped by 2.52% to 2.986.1 trillion drams and their credit investments grew by 0.69% to 2.182.2 trillion drams. Of the 21 banks 16 closed 2015 with the combined profit of 29.5 billion drams, while 5 other banks posted 11.3 billion drams of losses. (In 2014, the banks' profits amounted to 37.4 billion drams and losses to 21.6 billion drams). -0-