YEREVAN, May 2. \/ARKA\/. Armenian banking system\u2019s net profit exceeded AMD 8.1 billion in the first quarter of this year against AMD 4.2 billion in the first quarter of the previous year \u2013 91.4% year-on-year growth, the Central Bank of Armenia says in its quarterly review of banks\u2019 activities.<\/p>\n
Banks\u2019 profits before taxation amounted to AMD 10.1 billion in the 1st Q 2011 against AMD 5.4 billion in the 1st Q 2010.<\/p>\n
Armenian banks\u2019 interest income amounted to AMD 38.7 billion and interest expenses AMD 17.3 billion.<\/p>\n
Non-interest income amounted to AMD 10.3 billion and non-interest expenses AMD 18.1 billion.<\/p>\n
As a result, net interest income totaled AMD 21.4 billion in the 1st Q 2011 against AMD 17.3 billion in the 1st Q 2010, and net non-interest income was minus AMD 7.8 billion against minus AMD 7.3 billion.<\/p>\n
Banks transferred AMD 18 billion to the reserve on possible losses and returned AMD 14.5 billion from it.<\/p>\n
As a result, net pays amounted to AMD 3.5 billion in the 1st Q 2011 against AMD 4.6 billion in the 1st Q 2010.<\/p>\n
Banks\u2019 undistributed accumulated balance profits totaled AMD 63.5 billion in late March.<\/p>\n
According to ARKA News Agency\u2019s data based on banks\u2019 quarterly reports, HSBC Bank Armenia was the largest profit-gainer among Armenian banks in the first quarter of this year (AMD 1.6 billion).<\/p>\n
VTB Bank (Armenia), with its AMD 1.3 billion, was the second biggest profit-gainer.<\/p>\n
Mellat Bank, with AMD 1.26 billion, came third, ACBA-Credit Agricole Bank, with 1.2 billion, ranked fourth and Ardshininvestbank (AMD 910.3 million) fifth.<\/p>\n
Three banks ended the quarter with losses.<\/p>\n
Some 21 banks with their 411 branches functioned in Armenia in late March. ($1 = AMD 370.68).\u20140–<\/p>\n","protected":false},"excerpt":{"rendered":"
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