YEREVAN, January 25. /ARKA/. Armenia-based commercial banks had to work in difficult conditions last year against the background of economic slowdown, low solvency of the population and forced recapitalization. All this was putting pressure on the Armenian banks and their key indicators throughout the year, nonetheless, the banks managed to secure two-digit growth.

For example, in 2016 of the currently operating 17 banks 14 closed the year with a total profit of 33.37 billion drams, while the losses of three banks accounted for 15 billion drams. Thus, the net profit of the banks in 2016 grew by almost 39 percent amounting to 18.3 billion drams, up from 13.1 billion drams in 2015.

According to a ranking of the banks by size of their net profit, compiled by ARKA news agency, the top five banks were Ameriabank, Inecobank, Ardshinbank, ArmSwissbank and Artsakhbank.
In 2015, the top five banks by size of net profit were HSBC Bank Armenia, Ameriabank, Inecobank, Ardshinbank and ArmSwissbank.

The decision of the Central Bank of Armenia to raise the statutory capital of the banks from 5 billion drams to 30 billion drams, effective from January 1, 2017, prompted mergers and acquisitions. As a result, of 21 banks there remain now 17.

The ranking is compiled based on ARKA news agency’s bulletin “Banks of Armenia." To purchase this bulletin and other information products of the news agency, please contact the marketing department (e-mail: [email protected]). -0-