YEREVAN, January 22. /ARKA/. ARKA news agency has released the ranking of the most profitable commercial banks in Armenia in 2023, which earned a total of 229.8 billion drams in net profit, down from  253․6 billion drams earned in 2022.

Net profit was posted by 16 out of 18 Armenia-based commercial banks. The top 5 banks in terms of net profit were Ardshinbank, Ameriabank, Acba Bank, Inecobank and ID Bank, which accounted for 78% or about AMD 179.4 bln of the total net profit of all banks.

Ardshinbank was the most profitable bank, retaining the position of the leader achieved in 2022. The bank's net profit amounted to 62.7 billion drams, against a profit of 62.2 billion drams in 2022 (up 0․7%).

Ameriabank was second with a net profit of AMD 46.1 billion, against AMD 44.3 billion in 2022 (up 4%).

Third was Acba Bank with a net profit of AMD 28.6 billion against AMD 22.6 billion for 2022 (up 26․6%).

Inecobank was fourth with a net profit of AMD 26.5 billion against AMD 23.6 billion in 2022 (up 11.9%).

I.D Bank was fifth with a net profit  of AMD 15.6 bln against AMD 13.5 bln in  2022 (15.7% growth).

The ranking was compiled based on ARKA news agency's bulletin "Banks of Armenia", compiled in turn based on the banks' statements in accordance with IFRS.

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