YEREVAN, February 6 / ARKA /. 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. The growth amounted to 39.7%. Also, 16 out of the 17 banks operating in the country closed the year with profit.
The list of the top five banks by size of net profit includes Ameriabank, Ardshinbank, Inecobank, ArmSwissBank and ACBA-CREDIT AGRICOLE BANK, which accounted for 60.6% of all net profits of the banks.
Ameriabank was the most profitable bank in the country having earned 12.1 billion drams in net profit last year, up from 10.5 billion drams earned in 2018. The growth was 15.4%. Ardshinbank was second with a net profit worth 9.9 billion drams against 6.5 billion drams a year earlier (an increase of 53.0%). The third was Inecobank, which earned in net profit 9.4 billion drams, against 8 billion drams in 2018 (an increase of 17.6%).
ArmSwissBank ranked fourth with a net profit of 9.0 billion drams versus 5.1 billion drams a year earlier (an increase of 78.1%). And ACBA-CREDIT AGRICOLE BANK was fifth with 7.4 billion drams earned in net profit versus a profit of 6.2 billion drams in 2018 (an increase of 18.2%).
The ranking was compiled based on ARKA news agency’s quarterly bulletin Banks of Armenia, which in turn is based on the banks’ statements published in accordance with IFRS.
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