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-

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