Armenian banks’ profits should be invested into various sectors- UBA head

YEREVAN, February 25. /ARKA/. Accumulated profits and funds of the banks should be directed to investments, said Daniel Azatyan, Chairman of the Union of Banks of Armenia (UBA), in response to a question from ARKA news agency about forecasts for 2025 and the readiness of banks to contribute to the capital market development.

“Expectations for 2025 are very optimistic. Part of the investments should be directed to technologies, improving cybersecurity, the quality of digital services and the qualifications of employees. This requires significant investments and is very important. If we do this within the framework of digitalization of human resources and risk management, the results will be tangible for everyone,” Azatyan said.

He noted that the investment sector in Armenia has grown in recent years, and the investment culture has improved, that is, people have learned to invest in securities, stocks and bonds.

“The banking system will be actively involved in the investment sector. As for new programs in the context of capital market development, there is currently a lot of competition. Although I cannot say what new projects will appear in 2025, it is obvious that banks should actively participate in this area,” Azatyan said.

The Armenian banking system received a profit of 363 billion drams in 2024, an increase of about 137 billion drams or 61% compared to 2023.-0-

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