YEREVAN, December 14 /ARKA/. The Central Bank of Armenia expects the indicators of Armenia’s banking sector to remain quite positive by the end of the year, said CB chairman Martin Galstyan at a press conference on Tuesday.
At the same time, he refrained from forecasts regarding the banks’ performance in 2023 citing the ongoing uncertainties.
In this regard, Galstyan explained that the members of the Central Bank Board l have recently been holding discussions on a scenario variant, rather than concentrating around one particular scenario.
“The palette of possible developments is so great that predicting what will happen next year is a thankless task,” he said, adding that it depends on changes in many factors, including geopolitical ones.
All seventeen Armenia-based commercial banks earned 187.8 billion drams in profits in the first 9 months of 2022, by 121.5 billion drams (or 183.3%) more from the same time span of 2021, according to the Union of Banks of Armenia (UBA).
As of late September 2022, the total capital of all 17 banks stood at 1.2 trillion drams (30% growth year-on-year), the assets – at 7.7 trillion drams (9.4% growth), total liabilities – at 6.5 trillion drams (6.2% growth), the lending – at 4.1 trillion drams (2.4% growth) and the deposits – at 4.5 trillion drams (11.4% growth). -0-
