YEREVAN, May 17. /ARKA/. Armenia-based banks' overall expenses in the first quarter of 2016 decreased by 3.81% from the year before to 26.1 billion drams, according to an ARKA news agency's study, based on the financial statements of the banks.

The banks' administrative expenses in the first quarter of 2016 decreased by 2.16% when compared to the first quarter of 2015 to 20.2 billion drams, including a 2.25% cut in salary costs to 13.3 billion drams.

Other administrative expenses slashed by 9% to about 6 billion drams. More specifically, depreciation expense fell by 7.28% to 2.9 billion drams, while advertising costs declined by 6% to 757 million drams.

The top five banks in terms of expenditures were ACBA-CREDIT AGRICOLE BANK,  VTB Bank (Armenia), HSBC Bank Armenia, Ardshinbank and Ameriabank. Together they accounted for approximately 47.5% (12.4 billion drams) of the total expenditures in the first quarter of 2016.
With 3.6 billion drams ACBA-CREDIT AGRICOLE BANK accounted for 11.9% of all expenses, a 25.4% decline year-on-year.

VTB Bank (Armenia) expenses declined by 33.4% to 2.8 billion drams; those of HSBC Bank Armenia fell by 0.1% to 2 billion drams; Ardshinbank's expenses dropped by 10.14% to 2 billion drams and those of Ameriabank fell by 4.18% to 1.9 billion drams.

Currently, there are 20 commercial banks operating in Armenia. In 2015 Inecobank acquired 100% stake in ProCredit Bank. -0-