Tuesday, August 30 2011 15:22
Banking system of Armenia completes first half of 2011 with net profit $57.6 mln, growth by 39,3% versus first half of 2010
Arminfo. In Jan-June 2011 the aggregate net profit of Armenia's commercial banks grew by 39.3% to 21.2bln AMD or $57.6mln. In Q2 2011 alone the index totaled 10.7bln AMD or $29.1mln - 24% more than in Q2 2010 and 2% less than in Q1 2011.
In Jan-June 2011 the total income of Armenia's commercial banks made up 119.4bln AMD or $323.8mln, the total expenditure - 92.8bln AMD, the balance-sheet (pretax) profit - 26.6bln AMD or $72mln. As compared with Q2 2010 the income grew by 18.6%, the expenditure - by 12.9%, the profit - by 436%. 16 banks registered annual growth in income, 17 banks - in expenditure, 16 banks - in profit. With Mellat Bank exclusive (because of "artificial" growth of its key figures) ARARATBANK showed the biggest growth in income and expenditure - 57-63% while Byblos Bank Armenia the biggest growth in profit - 10 times (from negative to positive level). Ardshininvestbank has the biggest income and expenditure - 14.7bln AMD and 12.2bln AMD, ACBA-Credit Agricole Bank - the biggest profit - 3.9bln AMD. In Q2 2011 the total income of Armenia's commercial banks grew by 2.4% (15 banks), the total expenditure - by 0.1% (12 banks), the balance-sheet profit - by 11.2% (17 banks).
In Jan-June 2011 20 commercial banks showed a total net profit of 21.4bln AMD (including Ameriabank's consolidated figures). The leader in the index is ACBA-Credit Agricole Bank - 3bln AMD, followed by HSBC Bank Armenia - 2.8bln AMD, VTB Bank Armenia - 2.6bln AMD, Ardshininvestbank - 1.9bln AMD and Ameriabank - 1.6bln AMD (exclusive Mellat Bank with its "artificially overstated" profit). The lost of ProCredit Bank totaled 150.5mln AMD due to high expenses on the opening of new branches.
15 banks showed annual and quarterly growths in profit. Unibank and Byblos Bank Armenia - by times (9th and 18th positions). Anelik Bank showed the biggest drop - 8% (19th position). Mellat bank and Converse Bank showed the highest quarterly decline - 78-88% (11th and 19th positions, respectively).
In Jan-June 2010 the total net profit of Armenia's commercial banks (Cascade Bank exclusive) made up 15.2bln AMD with ACBA-Credit Agricole Bank being the leader. 18 banks registered 15.5bln AMD profit while the remaining 3 banks - 0.3bln AMD loss.
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