Tuesday, August 10 2010 13:12
Accumulated profit of Armenia's banking system grew by 1,3% to $223.4 mln over 2Q 2010
ArmInfo. Accumulated profit of Armenia's banking system grew by 9,6% over the 1st half year 2010, by 1,3% over the 2nd quarter, and by 14,3% over a year, having reached 82.1 bln drams ($223.4 mln) by June 30. About 27% in the total capital fell on the accumulated profit.
According to the data of Ranking of Armenia's commercial banks, prepared by Agency of Rating Marketing Information (ArmInfo), accumulated profit at a plus level has been fixed on 18 commercial banks, the total accumulated profit of which made up 84.2 bln drams ($229 mln) by June 30, 2010, and at a minus level - on 3 commercial banks, the gross loss of which as of this date made up 2.1 bln drams ($5.6 mln).
ACBA-Credit Agricole Bank leads by the level of the accumulated profit - 14.7 bln drams or $40.1 mln (42,8% annual growth, and 6,5% - over 2Q). ACBA-Credit Agricole Bank is followed by HSBC Bank Armenia - 11.1 bln drams or $30.1 mln (112% annual fall, and 8,6% growth over 2Q), Converse Bank - 9.2 bln drams or $25.1 mln (3,1% annual growth, and 5,7% growth over 2Q), VTB Bank (Armenia) - 8.9 bln drams or $24.4 mln (77,5% annual growth, and 13,7% growth over 2Q) and Ardshininvestbank - 8.6 bln drams or $23.3 mln (7,3% annual growth, and 6,6% growth over 2Q). The major loss fell on BTA Bank - 1.3 bln drams ($3.5 mln) with 10,1% annual growth and 4,1% quarterly fall.
In total, 16 banks out of 21 acting commercial banks (Cascade Bank joined Ameriabank in the midst of June) ensured annual growth of the accumulated profit. Armswissbank and Armbusinessbank fixed considerable annual growth of the accumulated profit, over twofold, by a landslide from others. Armeconombank and Byblos Bank Armenia fixed the greatest annual fall, by 88,8% and 78,3%, respectively. Accumulated profit over 2Q 2010 grew on 15 banks, among which Mellatbank ensured the highest quarterly growth - by 83,2%, and Armeconombank and Byblos Bank Armenia ensured the most significant quarterly fall - by 89% and 55%, respectively.
It is pertinent to note that Cascade Bank, having merged with Cascade Credit universal credit company at late July 2009, signed an agreement on merger with Ameriabank on March 31, 2010, with completion of the merger process in the midst of June and functioning in the market under Ameriabank brand, in view of which consolidated data are given in this Ranking.
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