YEREVAN, November 15. /ARKA/. Out of 35 credit organizations operating in Armenia, 33 were profitable in the third quarter of 2018 earning a total of 38.58 billion drams, according to ARKA news agency’s ranking. The other 2 companies reported losses to the tune of 35.2 million drams.

Accordingly, the net profit of all Armenian credit organizations saw a 15.5% rise in the first 9 months of 2018 when opposed to the same time span of 2017.

The top five most profitable credit organizations were Export Finance, First Factoring Company, Bnakaran Yeritasardnerin, Aregak and VARKS AM.

Export Finance earned 13.2 billion drams in net profit, down from 23.6 billion drams earned in the first nine months of 2017. The First Factoring Company’s net profit stood at 9.1 million drams, up from 4.4 million dram losses reported in the first 9 months of 2017. Bnakaran Yeritasardnerin earned 4.1 billion drams in net profit, up from 3.7 billion drams a year earlier. Aregak’s net profit was 2.05 billion drams, up from 2.03 billion drams and the VARKS AM earned 1.5 billion drams, against 53.9 million losses a year earlier. -0-