YEREVAN, March 20. /ARKA/. Armenia-based banks hold 84% of the total assets of the financial sector, Deputy Chairman of the Union of Banks of Armenia (UBA) Ruben Melikyan said.
“The potential for development is quite big. Armenia’s financial market is historically dominated by the banking sector,” he said at the III Capital Markets Armenia conference organized by Cbonds.
Melikyan reminded that 18 commercial banks, more than 40 credit organizations, 8 insurance companies, two pension funds – Acba Amundi and C-QUADRAT, more than 20 investment companies and more than 110 investment funds operate in Armenia’s financial sector.
He stressed that most of these entities, investment companies and funds were established within the last two to three years.
UBA head Daniel Azatyan said earlier that Armenia’s banking system in 2024 earned a profit of AMD 363 billion, which is AMD 137 billion or 61% more than in 2023. Total assets of all 18 banks amounted to AMD 11 trillion, the total capital to AMD 1.8 trillion, loan portfolios to AMD 6.4 trillion, deposits to AMD 6.4 trillion, securities to AMD 508 billion. The banks’ ROE in 2024 was 22.3% vs. 16.6% in 2023.
ARKA” and Novosti-Armenia news agencies are the media partners of the III Capital Markets Armenia conference. -0-
