YEREVAN, February 2, /ARKA/. Armenia’s banks have posted more than 30 billion Drams in net profits for the last year, showing a crucial growth from 8.6 billion Drams in net profits earned in 2009, the Central Bank of Armenia said today in a review of local commercial banks’ performance in the last quarter of 2010.
According to it, profits before tax amounted to 38.9 billion Drams, up from 12.9 billion Drams in 2009.
The banks also earned 136.2 billion Drams in interest income as their interest expenses rose to 58.7 billion Drams. Non-interest income totaled 40.7 billion Drams and non-interest expenses 69.3 million Drams. As a result net interest income amounted to 77.5 billion Drams, up from 61.8 billion Drams in 2009.
The bank’s reserve fund set up to cover potential losses rose to 72.7 billion Drams. The volume of retained accrued balance income was 82 billion Drams. There are 21 commercial banks in Armenia which operate 408 branches. ($1 – 363.1 Drams) -0-
