Ranking of Armenian banks by size of salary costs for first half of 2016

07.09.2016 20:23
Ranking of Armenian banks by size of salary costs for first half of 2016

YEREVAN, September 7. /ARKA/. In the first six months of 2016 twenty Armenia-based banks spent 27.4 billion drams to pay salary  to their 11,255 staff members, an increase of 1.2% over the same period last year, according to a study made by ARKA news agency.

The  list of top five banks by  size of salary cost included ACBA-CREDIT AGRICOLE BANK, VTB Bank (Armenia), Ameriabank, Inecobank and Ardshinbank.

ACBA-CREDIT AGRICOLE BANK’s salary costs for the first half of 2016 amounted to 3.6 billion drams, by 18.2% more than in  the same time of 2015.  ACBA-CREDIT AGRICOLE BANK was also the leader in terms of personnel number with 1,257 people on its payrolls.

VTB Bank (Armenia)’s salary costs grew by 2.4% from the year before to 2.8 billion drams. The bank was second by the number of personnel - 1,162 people. Ameriabank’s salary costs  for 582 staff members declined by 2% to  2.5 billion drams.

Inecobank spent 2.1 billion drams (a 51% rise) on payment of salaries to 769 people. The rise was due to acquisition of ProCreditBank.

Ardshinbank’s salary costs decreased by 10.6% to about 2 billion drams. In terms of personnel number it was third with 1 041 people on its payrolls.

Nine banks had their salary costs slashed in the first six months of 2018 when compared to the first six months of 2015, according to the study. The largest decrease of 26.5% was recorded by Byblos Bank Armenia.

The rating of the banks is based on the data of ARKA’s e quarterly bulletin "Banks of Armenia". To purchase this bulletin and other information products of the news agency, please contact the marketing department (e-mail: sales@arka.am). ($ 1 - 474.57 drams). -0-

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