Armenian credit organizations earn 20.4 billion drams in net profit

27.05.2019 19:47
Armenian credit organizations earn 20.4 billion drams in net profit

YEREVAN, May 27. /ARKA/. Out of 38 credit organizations operating in Armenia, 31 were profitable in the first quarter of 2019. Their total profit amounted to 20.4 billion drams, according to ARKA news agency’s ranking of the 10 most profitable credit organizations. The other 7 companies reported losses to the tune of 330.7 million drams.

The net profit of all Armenian credit organizations in the first quarter of 2019 stood at 20.1 billion drams against 13.4 billion drams in the first quarter of 2018 (an increase of 49%).

According to the ranking, five of the most profitable credit organizations were Export – Finance, which earned 9.1 billion drams in net profit, up from 8.1 billion drams in the first quarter of 2018. It was followed by the First Factoring Company with 5.3 billion drams, up from 975.4 million drams earned a year ago. Bnakaran Yeritasardnerin was third with 1.3 billion drams, up from 1.2 billion drams, earned in the first quarter of 2018. Then came in Varks.am with 727.9 million drams. In the first quarter of 2018 it sustained 14.7 million drams worth losses.

Aregak earned 700.2 million drams, up from 682 million drams, Finca’s net profit amounted to 640.4 million drams against 399.9 million drams, Fast Credit earned 527.4 million drams, up from 410.4 million drams, the National Mortgage Company’s net profit amounted to 522 million drams against 416.24 million drams, MOGO earned 300.4 million drams, up from 51.5 million drams and Global Credit earned 195.3 million drams, up from 100.4 million drams.

The combined assets of all 38 credit institutions in the first quarter of 2019 stood at 608.7 billion drams (9% growth from the beginning of the year), their liabilities stood at 306.2 billion drams (18.4% growth) and their total capital was 302.5 billion drams (0.86% rise).

The ranking is compiled based on ARKA news agency’s bulletin "Credit Organizations of Armenia".
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