Aggregate profit of Armenian banks decline by 13.6 percent in first half
22.07.2014 19:48
YEREVAN, July 22. / ARKA /. Reserve allocations made by Armenian banks for their increasing lending is one of the reasons behind a 13.6 percent decline in Armenian banking sector’s aggregate profit in the first half of 2014 from the same time span in 2013 to 17.8 billion drams, Ameriabank’s financial director Gevorg Tarumyan told a news conference today.
"It's no secret that banking is now the most competitive business in Armenia, and some banks are trying to reduce their demands in relation to the risks that negatively affects their performance,” he said.
According to him, there was a slight decline in profit in the first quarter of this year, which increased to 13.6% in the first half. Moreover, some 5-6 banks are already operating with losses, he said.
On loan repayment, Tarumyan said the share of non-performing loans has reached 6-7 percent, which is a fairly high rate, because usually it was within 5%.
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Economic decline in Armenia by the results of 2009 will be 15% - Ministry of Finance
29.12.2009 16:01
“By the results of 2009, 15% economic decline was registered in Armenia”, said Tigran Davtyan, Minister of Finance of Armenia.
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17.5% economic decline recorded in Armenia in Jan-Oct 2009
01.12.2009 20:17
17.5% economic decline recorded in Armenia in Jan-Oct 2009
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Bagrat Asatryan: economic decline in Armenia to reach 15% by late 2009
09.11.2009 20:29
Bagrat Asatryan, the director general of Garni Invest Universal Credit Organization and a former chairman of the Central Bank of Armenia, thinks Armenia will record 15-percent economic decline in 2009.
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