YEREVAN, July 29 / ARKA /. ARKA news agency has released the latest ranking of the commercial banks in Armenia by size of their net profit, based on their performance in the first half of 2020.
The net profit of the country’s banking sector in the first half of 2020 amounted to 40.6 billion drams from 38.4 billion in the same period of 2019, having increased by 5.9%. All 17 banks operating in Armenia ended the first half of the year with a profit.
According to the ranking, the five leading banks by size of net profit were Ardshinbank, ArmSwissBank, Ameriabank, Armeconombank and Inecobank, which accounted for 56.3% of all banking profits in the first half of the year.
Ardshinbank became the most profitable bank in the first six months of 2020, earning 6.8 billion drams in net profit against 5.2 billion drams in the same period in 2019.
ArmSwissBank was second with a profit of 4.8 billion drams against 4.2 billion drams in the same period in 2019.
The third was Ameriabank, which in the first half of 2020 earned 4.6 billion drams in net profit, down from 5.6 billion drams in the same period of 2019 (a decrease of 17.9%).
Armeconombank was fourth with a net profit of 3.5 billion drams against 1.4 billion drams (an increase of 141.9%).
Inecobank was fifth with a net profit of 3.2 billion drams against 3.5 billion drams earned in the same period in 2019 (a decrease of 9.4%).
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