Armenian Banks’ Undistributed Profits Grow 61.4%

Banks

YEREVAN, April 18. /ARKA/. Armenian banks’ undistributed profits totaled AMD 10.6 billion at the first quarter of this year against AMD 6.6 billion gained for the same period a year earlier – 61.4% year-on-year growth.

This information is available in the latest issue of ARKA News Agency’s quarterly bulletin on Armenian banks’ activities.

Aggregate profits of 18 of 21 banks operating in Armenia amounted to AMD 10.5 billion in Jan-March 2011 against AMD 6.1 billion gained by 19 banks over the 1st Q 2010.

Three banks sustained losses in the first quarter of this year. Their losses totaled AMD 147.9 million.

According to ARKA News Agency’s data, HSBC Bank Armenia, VTB Bank (Armenia) and Mellat Bank were the largest profit-gainers in the 1st Q 2011.

Rank Bank 03.31.2011

thousand

 in % against 03.31.2010
1 HSBC Bank Armenia 1 616 636 73.00
2 VTB Bank (Armenia) 1 313 763 96.19
3 Mellat Bank 1 265 472 1192.3

Some 21 banks function in Armenia. ($1 = AMD 377).-0—

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