YEREVAN, October 19 /ARKA/. ARKA news agency has released a recurrent ranking of Armenia-based commercial banks by size of net profits they earned in the first 9 months of 2018. According to it, 17 banks earned a total of 51.6 billion drams, up from 28.5 billion drams they had earned in the same period last year. The growth was 81.3% and all 17 banks closed the first three quarters with a profit.

The top five banks were Ameriabank, Artsakhbank, ACBA-CREDIT AGRICOLE BANK, Inecobank and Ardshinbank, which together accounted for 57.1% of the total net profit.

Ameriabank’s net profit in the first 9 months amounted to 8 billion drams, up from 5.3 billion drams a year ago (an increase of 49.8%). Artsakhbank earned 5.6 billion drams, up from 1.7 billion drams (an increase of 3.3 times). ACBA-CREDIT AGRICOLE BANK’s net profit amounted to 5.5 billion drams (an increase of 23.6%). Inecobank reported a profit of 5.5 billion (an increase of 0.73%) and Ardshinbank’s net profit was 4.7 billion drams, up from f 4.4 billion drams (an increase of 6.43%).

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-