Record growth of Armenian banks’ profits will allow reaching planned level of economic activity in 2025 – Galstyan

YEREVAN, February 4. /ARKA/. Armenia’s banks have reported record profit growth in 2024, Central Bank Chairman Martin Galstyan said today.

“Yes, we have a record growth of banks’ profits, which cannot but please. In fact, part of this profit will be used to finance the economy,’ he told a press conference.

He said the growth (for example, business loans grew by 20% last year), will to some extent allow the government to reach the level of economic activity that it expects for 2025.

According to the rating of ARKA news agency, based on the reports of Armenian banks published in accordance with IFRS, the net profit of Armenian banks in 2024 amounted to over AMD 363.1 billion, increasing by 60.9% compared to 2023.

Total assets of the banks as of December 31, 2024 stood at  11,023 billion drams (20.1% growth compared to the beginning of the year). Credit investments net of reserves amounted to 6,270 billion drams, increasing by 24.6% from the beginning of the year.

Total liabilities in 2024 increased by 20% to AMD 9,243 bln. The volume of total capital amounted to 1,779.3 billion drams, having increased by 20.5%.

Armenia’s economic growth is envisioned in the state budget for 2025 at 5.1%. (1 US dollar – 396.71 drams) -0-

spot_img

POPULAR

Armbanks Weekly Digest: Key Events in Armenia’s Financial Market (October 5–11)

Armenia’s financial agenda last week covered inflation trends, capital market activity, new bank bond issuances, and cross-border remittances.

AMX Hosts Auction for 25 Billion Dram Government Bond Issuance

An auction for the issuance of government bonds totaling 25 billion drams took place at the Armenia Securities Exchange (AMX) on October 13, the exchange's press service reported.

US dollar and ruble exchange rates against the Armenian dram rose, while the euro rate fell – Central Bank of Armenia data

The average market exchange rate of the US dollar against the Armenian dram in Armenia's currency market rose by 0.18 points on October 7 compared to October 6, reaching 362.32 drams.

The “Physmath Friends” Charitable Foundation is the October beneficiary of “The Power of One Dram”

Within the framework of "The Power of One Dram" initiative, AMD 4,648,503 accumulated during September was directed to organizing the "Climate Change and Women" award ceremony, which aims to highlight women's contributions to combating climate change and preserving biodiversity.

Net inflow of remittances to Armenia from abroad doubled over 8 months

The net inflow of cross-border remittances to individuals in Armenia, received from abroad via the banking system of the Republic of Armenia, totaled $1.8 billion in January–August 2026, compared to $889.3 million in January–August 2025, according to a report by the republic's Central Bank.

LATEST NEWS

spot_imgspot_imgspot_img