Tuesday, August 30 2011 15:22
Accumulated profit of banking system of Armenia dropped by 13,3% to $249.1 mln for 2Q 2011
Arminfo. The accumulated profit of the banking system of Armenia dropped by 3.2% in Jan-June 2011 against 9.6% growth in Jan-June 2011, by 13.3% in Q2 2011 alone against 11% growth in Q1 2011 and grew by 12% as compared with Q2 2010 against 14.3% growth in 2010 to 91.9bln AMD ($249mln). The share of the accumulated profit in the total capital made up 30.1% against 23.5% in Q1 2011 and 27% in Q2 2010. As of June 2011 19 out of 21 banks registered profit worth 93.9bln AMD or $254.6mln, while 2 banks registered loss worth 2bln AMD or $5.5mln.
The leader in accumulated profit is HSBC Bank Armenia - 15.8bln AMD or $42.7mln (42.6% annual and 3.9% quarterly growth) followed by Ardshininvestbank - 11.6bln AMD or $31.5mln (+35.9 and +8.8%), VTB bank Armenia - 10.8bln AMD or $29.2mln (+20% and -17.4%), Converse Bank - 7.7bln AMD or $20.8mln (-17% and +0.3%) and Ameriabank - 6.8bln AMD or $18.3mln (+44.3% and -5.8%). In Q2 2011 the long-time leader ACBA-Credit Agricole Bank spent the greater part of its profit on its capital. As a result it registered 76.8% annual and 81.1% quarterly decline. The top five has 57% of the total accumulated profit of the banking system of Armenia against 60% in Q1 211 and 64% in Q2 2010. This index dropped mostly because ACBA-Credit Agricole Bank is no longer in the top five. BTA Bank registered the biggest loss - 1.1bln AMD or $3mln - 13.5% less than in Q2 2010 and 13.8% less than in Q1 2011. 17 out of 21 banks registered growth in accumulated profit with Byblos Bank Armenia showing the highest growth - 13 times (from negative to positive level). Mellat Bank increased its accumulated profit by 7 times (but the growth was "artificial" - see ROA and ROE).
ACBA-Credit Agricole Bank recorded the biggest annual and quarterly growths in the index - 76.8% and 81.1%, respectively. 12 banks showed growth in accumulated profit in Q2 2011 with Byblos Bank Armenia on top with 44.1% growth. ProCredit Bank and BTA Bank are the only banks having accumulated loss: but while in Q2 2011 ProCredit Bank's loss was growing BTA Bank's one was decreasing due to profitable operation during the period.
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