YEREVAN, April 19. /ARKA/. According to ARKA news agency’s quarterly ranking of the most profitable banks, 17 Armenia-based commercial banks earned a total of 20.1 billion drams in net profit in the first quarter of 2018, up from 10.7 billion drams they had earned in the same period last year. The growth was 87.2%. All 17 banks closed the first quarter with a profit.

The top five banks in terms of net profit growth were Artsakhbank, Ameriabank, Ardshinbank, ACBA-CREDIT AGRICOLE BANK and Inecobank.

Artsakhbank’ net profit grew to 2.8 billion drams. Incidentally, in the first three months of last year the bank reported 531.6 million drams in losses. Ameriabank’s net profit surged by 56% to 2.56 billion drams. Ardshinbank earned 2.18 billion drams (a 76.27% growth).

ACBA-CREDIT AGRICOLE BANK’s net profit grew to 2.16 billion drams against 1.47 billion drams (an increase of 46.42%).

Inecobank posted a net profit growth of 2 billion drams against 1.7 billion drams in the first quarter of 2017 (an increase of 18.97%).

The ranking was compiled based on ARKA news agency’s quarterly bulletin ‘Banks of Armenia.’ To purchase this and other products of the news agency please contact the marketing department (е-mail: [email protected]).-0-