YEREVAN, July 18. /ARKA/. The Armenian banking sector achieved a net profit of over 172.1 billion drams in the first half of 2024, marking a 21.2% increase compared to the same period last year, according to data from the banks’ reports aligned with international IFRS standards.
Out of the total profit for the first half, 83.1 billion drams (48%) were earned in the first quarter, while 89 billion drams (52%) were generated in the second quarter. The profit for the second quarter saw a 7.1% rise compared to the first quarter.
All 18 operational banks in Armenia reported profits in the first half of the year. As of June 30, 2024, the total assets of the banks amounted to 9,728.3 billion drams, reflecting a 6% increase since the beginning of the year and a 3.2% rise compared to the first quarter. The volume of bank loans reached 5,376.0 billion drams, showing a 6.9% increase since the beginning of the year.
Total liabilities stood at 8,082 billion drams as of June 30, 2024. Liabilities to clients were 5,713.6 billion drams, a 3% increase since the start of the year. The total capital of Armenian banks reached 1,646.2 billion drams, up by 11.5% since the beginning of the year.