Wednesday, March 3 2010 18:11
Accumulated profits of the Armenian banking system up 10% to $198.4 mln in 2009
ArmInfo. The accumulated profits of the Armenian banking system were up 10% (8.8% for Q4) to 75 bln drams ($198.4 mln) on Dec 31 2009. The share of accumulated profit in total capital was 26%. Out of 22 commercial banks 20 accumulated a total of 77.1 bln drams positive profits ($204 mln). The remaining two banks generated
negative profits in the amount of 2.1 bln drams ($5.6 mln) in total.
Analysis and Rankings of the Armenian Banking System prepared by Agency of Rating Marketing Information (ArmInfo) say ACBA-Credit Agricole Bank was the leader by the accumulated profits in the amount of 12.9 bln drams or $34.1 mln (45.3% growth per year and 12.4% for Q4). HSBC Bank Armenia was the second by 9.3 bln drams or $24.6 mln (27.2% decline per year and 7.5% growth for Q4), Converse Bank was the third by 8.1 bln drams or $21.4 mln (12.6% decline per year and 1.9% growth for 1.9%), Ardshininvestbank accumulated 7.9 bln drams or $20.9 mln profits (25.3% growth per year and 4.9% for Q4), and VTB
Bank Armenia accumulated profits in the amount of 7.2 bln drams or $19.1 mln (21.1% growth per year and 62.4% growth for Q4). BTA Bank suffered the largest loss in the amount of 1.5 bln drams or $3.9 mln up 7% per year and 38.9% for Q4).
Out of 22 commercial banks 17 ensured annual growth of accumulated profits (in 2009 versus 2008). Cascade Bank ensured the highest growth of accumulated profits per year from the negative 321 million drams to positive 91.5 mln drams. Accumulated profits of Mellat Bank suffered 76.6% decline to 121.4 mln drams. The amalgamation of Cascade Bank and Cascade Credit Universal Loan Company was over in late July 2009. In Q4 2009 the accumulated profits of 18 banks grew. Cascade Bank increased accumulated profits more than twice, whereas Mellat Bank showed 67.8% quarterly decline of accumulated profits.
Active consumer lending causes double-digit growth in bad loans 
Luys Foundation: Armenian government continues to face challenges in budget planning
Armenia`s brandy and winemaking industry in crisis - economist 
Even at embryonic stage, powerful impetus given to economic activity in energy sector - ENA acting manager 
Armenian NA OKs ENA nationalization 
China preparing to open new chapter of One Belt, One Road initiative with involvement of Armenia - diplomat 
The Merger between "Ardshinbank" CJSC and "Ardshininvestbank" CJSC Has Been Completed
Ticket packets 1.2% of total number of transport tickets in Yerevan