YEREVAN, July 21 /ARKA/. ARKA news agency has released a fresh edition of the ranking of the most profitable commercial banks in Armenia in the first half of 2023.

The net profit of all 18 Armenia-based commercial banks in the first half of 2023 amounted to 142 billion drams, up from 114 billion drams in the first half of 2022. All 18 banks reported profit.

According to the ranking, the top 5 banks in terms ofnet profit were Ardshinbank, Ameriabank, Inecobank, ACBA Bank and Conversebank. They accounted for 65% or about AMD 92 billion of the total profit.

Ardshinbank's net profit amounted to AMD 38.2 bln, against AMD 20.1 bln in the same period of 2022 (90% growth).

Ameriabank's net profit grew to AMD 21.7 bln, from AMD 19.1 bln in 1H 2022 (13.4% growth).

Inecobank earned AMD 12.8 billion in the first half of 2023 against AMD 10 billion in the same period of 2022 (28․6% growth).

ACBA Bank with a profit of AMD 11.6 billion, up from AMD 10.1 billion was 4th (14.7% growth).

Conversebank's net profit amounted to AMD 7.6 bln, against AMD 5.7 bln in the same period of 2022 (33.1% growth). 

The ranking of banks by profit is compiled based on ARKA news agency's bulletin "Banks of Armenia", which in turn is compiled based on Armenian banks' reports published in accordance with international IFRS standards.

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