Thursday, May 13 2010 15:29
Aggregate net profit of Armenian commercial banks up almost 6 times per year totaling $16.9mn in Q1 2010
ArmInfo. Aggregate net profit of the Armenian commercial banks was up almost 6 times per year to 6.8bn drams or $16.9mn for Q1 2010.
Ranking of Armenian Commercial Banks prepared by the Agency of Rating Marketing Information (ArmInfo) says summary total income of commercial banks for Q1 2010 totaled 51.1bn drams ($127.5mn), expenses totaled 42.7bn drams ($106.6mn). In fact, pretax profit totaled 8.4bn drams ($20.9mn). Total incomes grew 6.2% and expenses fell 6.8% resulting in almost 3 times growth of pretax profit. ACBA Credit Agricole Bank was in the leader in terms of total incomes and total expenses - 6.8bn drams and 55.5bn drams, respectively. The bank retained leading position also with 1.3bn pretax profit.
Out of 22 commercial banks 20 closed Q1 2010 with 7.3bln drams net profit. ACBA-Credit Agricole Bank was in the lead in terms of net profit - 981.1mn drams, HSBC Bank Armenia was on the second position with 934.5mn drams, Ardshininvestbank was on the third position with 733.3mn drams, VTB Bank (Armenia) was on the fourth position with 669.6mn drams and Converse Bank was on the fifth position with 624,3mn drams. Aggregate loss of the other 2 banks totaled 0.5bn drams, including Armeconombank suffered over 80% or 0.4bn drams loss.
Net profit of 10 banks grew per year, whereas the given indicator of other four banks suffered decline. ARARATBANK ensured 22 times annual growth of net profits (from negative level to position 304mn drams, 10th position). Net profits of Byblos Bank Armenia fell more than 2 times per year from the position level to negative 66.5mn drams.
Aggregate net profit of commercial banks for Q1 2009 totaled 1.1bn drams. Ardshininvestbank and ACBA-Credit Agricole Bank were top two banks in terms of net profit. In general, 13 banks closed the Q1 2009 with profit and the other 9 with loss. Some banks previously occupying high position suffered losses in Q1 2009 because of the sharp devaluation of the national dram and the financial crisis. Within 2009 the banks that suffered losses for Q1 2009 have recovered their positions.
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