Thursday, February 3 2011 13:53
Profits of Armenian banking system for 2010 total $82.7 million
ArmInfo. Gross income of commercial banks for 2010 was 239.6 billion drams ($659.4 million), expenses totaled 200.7 billion drams ($552.3 million). In fact, the balance profit of the banking system for 2010 was 38.9 billion drams or $107.1 million.
Central Bank of Armenia told ArmInfo the summary net profit of commercial banks for 2010 amounted to 30.046 billion drams ($82.7 million). Gross income of commercial banks for Q4 2010 totaled 67.5 billion drams, expenses made up 54.7 billion drams, balance profit - 12.8 billion drams and net profit - 9,4 billion drams. Gross income of the banking system grew 12% for 2010, while expenses el 0.2%, balance profit grew 3- fold and net profit - 3.5-fold.
In the structure of gross incomes of commercial banks interest incomes for 2010 totaled 136.2 billion drams ($374.6 million) or 56.8%. The share of non-interests incomes in the structure of gross incomes was 17% or 40.7 billion drams ($111.8 million). Interest expenses in gross expenses totaled 29.2% or 58.7 billion drams ($161.4 million) and non-interest expenses - 34.5% or 69.3 billion drams ($190.8 million). Interest incomes grew 18.7% versus 2009 ands non-interest incomes -28.1%. Interest expenses grew 10.9% and non-interest expenses - 16.3%.
The Central Bank reports that as of Jan 1 2011 the banking sector of Armenian encompassed 21 operating commercial banks and 408 branches (versus 391 branches as of Jan 1 2010). To recall, Cascade Bank and Ameriabank were merged in June 2010.
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