Sun, 6 July
15.1 C
Yerevan
USD: 384.26 RUB: 4.88 EUR: 452.58 GEL: 141.37 GBP: 524.44

Situation in Armenia’s banking sector to improve before end of this year – Araratbank head

YEREVAN, June 29. /ARKA/. Things in Armenia’s banking sector will improve before the end of this year, Ashot Osipyan, chairman of Araratbank’s board, told ARKA News Agency on Monday.

He is convinced that the current decline in the banking sector is temporary – it is a retarded adverse impact from the developments that affected Russia in 2014.

“Now Armenian banks are more conservative, and I am convinced that this will be followed by recovery soon,” Osipyan said.

According to 21 Armenian commercial banks’ reports for the first quarter of this year, their assets have shrunk 3.4% since the beginning of the year to AMD 3 272.1 billion in late March, and their liabilities reduced 4.3% to AMD 2 785.7 billion.

The banks’ aggregate loan portfolio amounted to 2 075.6 billion after shrinking 3.54%. They earned AMD 2 249.7 billion in profits over the first quarter accounting for a 75.2% year-on-year decline. Their capital has grown 2.7% since the beginning of this year to AMD 486.4 billion.

Osipyan also said that Armenian banks will enjoy profits later this year.

According to the central bank’s figures, Armenian commercial banks’ assets totaled AMD 3 304.7 billion by early June 2015 showing 3.1% decline and liabilities AMD 2 835 billion – 4% decline.

Their aggregate capital grew 0.1% to AMD 469.6 billion. ($1 – AMD 473.18). –0–

spot_img

POPULAR

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Ranking of Armenia’s most profitable banks in 2024

ARKA news agency has released a ranking of the most profitable commercial banks in Armenia in 2024.

Arka news agency’s ranking of most profitable Armenian banks in 2019

In 2019, Armenia-based commercial banks earned a total of 78.8 billion drams in net profit, up from 56.4 billion drams they had earned in 2018, according to ARKA news agency's ranking of the most profitable commercial banks in the fourth quarter of 2019

Top ten Armenian banks by size of lending in 2019

In 2019, the overall loan portfolio of Armenia's banking sector grew by 16.4% to 3.572.2 trillion drams

LATEST NEWS

spot_imgspot_imgspot_img