YEREVAN, October 20. /ARKA/. In the first 9 months of 2022 Armenia-based commercial banks earned 188 bln drams in net profit (after taxation), up 3 times from the same time span of 2021, Chairman of the National Assembly’s Economic Affairs Committee Babken Tunyan said in a Facebook post.
He said in the third quarter alone, the bank’s profit totaled about 77 billion drams.
Tunyan said the bulk of profit was generated by commission payments, income from the purchase and sale of currency, etc., unlike the previous years, when most of the profit came from interest.
“The rise in banks’ profitability is not bad, but the unprecedented rise in profits, changes in its structure, as well as the factors contributing to the sharp increase and its impact on the economy require additional attention,” he said.
According to the Union of Banks of Armenia, the total capital of Armenian banking system amounted to 1.14 trillion drams in the first half of 2022, growing 23% yoy; the assets were worth 7.24 trillion drams (2.7% growth), lending stood at 3.99 trillion drams (0.7% growth), deposits stood at about 4.1 trillion drams (1.2% growth). ($1 – 403.99 drams). -0-
