YEREVAN, February 25. /ARKA/. Armenia-based banks made a profit of 363 billion drams in 2024, an increase of about 137 billion drams, or 61%, compared to 2023, Daniel Azatyan, the head of the Union of Banks of Armenia (UBA) told a press conference today.
He said 60 billion drams were distributed among shareholders, while 300 billion drams were reinvested by the banks in their capital,” he said.
Azatyan noted that the decline in profit in 2023 was due to large expenses related to assets written off in Nagorno-Karabakh.
It is worth recalling that the banking system of Armenia generated a profit of around 230 billion drams in 2023, which was 9.2% lower than in 2022.
Azatyan mentioned that in 2024, the total assets of all 18 banks amounted to 11 trillion drams, total capital stood at 1.8 trillion drams, the loan portfolio at 6.4 trillion drams, deposits amounted to 6.4 trillion drams, and securities stood at 508 billion drams. There are 534 bank branches across Armenia.
The head of the UBA also presented comparative indicators for several countries, including Georgia, Kazakhstan, Moldova, Hungary, and the USA.
In particular, the average Return on Equity (ROE) in Armenia in 2023 was 16.6%, in Georgia – 22.3%, in Kazakhstan – 36.7%, and in Hungary – 11.3%. In 2024, the ROE in Armenia was 22.3%, in Georgia – 23.99%, in Kazakhstan – 32.5%, and in Hungary – 22.5%. ($1 = 393.9 drams).-0-
