{"id":158086,"date":"2024-11-08T05:57:12","date_gmt":"2024-11-08T05:57:12","guid":{"rendered":"https:\/\/armbanks.am\/2024\/11\/08\/255442\/"},"modified":"2025-01-02T12:17:22","modified_gmt":"2025-01-02T12:17:22","slug":"armenias-banking-sector-may-reach-net-profit-of-1bn-in-2025-uba","status":"publish","type":"post","link":"https:\/\/armbanks.am\/en\/2024\/11\/08\/158086\/","title":{"rendered":"Armenia&#8217;s banking sector may reach net profit of $1bn in 2025 &#8211; UBA"},"content":{"rendered":"\n<p><strong>YEREVAN, 8 November. \/ARKA\/.<\/strong> Armenia&#8217;s banking sector has the potential to reach a net profit target of $1 billion in 2025, Deputy Chairman of the Union of Banks of Armenia (UBA) Ruben Melikyan said Thursday.<\/p>\n\n\n\n<p>\u2018The Armenian banking sector has shown a very big growth in net profit in recent years. The figure is currently stands at around $900 million and there is a potential to reach $1 billion in 2025,\u2019 he said at a forum on \u2019Regional Challenges and Opportunities within the Framework of Cooperation with European banks.\u2019<\/p>\n\n\n\n<p>Various factors are contributing to this growth, Melikyan said, including strategic investments in IT infrastructure, which the banks have been implementing since 2016-2017.<\/p>\n\n\n\n<p>\u2018In addition, the loan portfolio has doubled over the past five years, which has increased the banks\u2018 interest income,\u2019 he said.<\/p>\n\n\n\n<p>Among other factors, the deputy chairman pointed to the 7.8 per cent growth of the economy (in &nbsp;2019), as well as the positive impact of Russians who arrived in Armenia after Russian invasion of Ukraine on the &nbsp;country&#8217;s economy.<\/p>\n\n\n\n<p>According to the UBA, the banking sector\u2019s net income in the first nine months of 2024 was $682 million, compared to $171 million in 2021, $581 million in 2022 and $586 million in 2023. -0-<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Armenia&#8217;s banking sector has the potential to reach a net profit target of $1 billion in 2025, Deputy Chairman of the Union of Banks of Armenia (UBA) Ruben Melikyan said Thursday.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","tstyn_error":""},"categories":[9214,9216],"tags":[],"class_list":{"0":"post-158086","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-banks-en-en","7":"category-news"},"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/158086","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/comments?post=158086"}],"version-history":[{"count":0,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/158086\/revisions"}],"wp:attachment":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media?parent=158086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/categories?post=158086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/tags?post=158086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}