YEREVAN, May 2. /ARKA/. Armenian banking system’s net profit exceeded AMD 8.1 billion in the first quarter of this year against AMD 4.2 billion in the first quarter of the previous year – 91.4% year-on-year growth, the Central Bank of Armenia says in its quarterly review of banks’ activities.
Banks’ profits before taxation amounted to AMD 10.1 billion in the 1st Q 2011 against AMD 5.4 billion in the 1st Q 2010.
Armenian banks’ interest income amounted to AMD 38.7 billion and interest expenses AMD 17.3 billion.
Non-interest income amounted to AMD 10.3 billion and non-interest expenses AMD 18.1 billion.
As a result, net interest income totaled AMD 21.4 billion in the 1st Q 2011 against AMD 17.3 billion in the 1st Q 2010, and net non-interest income was minus AMD 7.8 billion against minus AMD 7.3 billion.
Banks transferred AMD 18 billion to the reserve on possible losses and returned AMD 14.5 billion from it.
As a result, net pays amounted to AMD 3.5 billion in the 1st Q 2011 against AMD 4.6 billion in the 1st Q 2010.
Banks’ undistributed accumulated balance profits totaled AMD 63.5 billion in late March.
According to ARKA News Agency’s data based on banks’ quarterly reports, HSBC Bank Armenia was the largest profit-gainer among Armenian banks in the first quarter of this year (AMD 1.6 billion).
VTB Bank (Armenia), with its AMD 1.3 billion, was the second biggest profit-gainer.
Mellat Bank, with AMD 1.26 billion, came third, ACBA-Credit Agricole Bank, with 1.2 billion, ranked fourth and Ardshininvestbank (AMD 910.3 million) fifth.
Three banks ended the quarter with losses.
Some 21 banks with their 411 branches functioned in Armenia in late March. ($1 = AMD 370.68).—0–
