Friday, August 9 2013 16:23
HSBC Bank Armenia, Ameriabank and ACBA-Credit Agricole Bank demonstrated highest net profit in first half of 2013
ArmInfo. In the first half of 2013, HSBC Bank Armenia, Ameriabank and ACBA-Credit Agricole Bank demonstrated the highest net profit - 4.1 bln AMD ($9.9 mln), 2.8 bln AMD ($6.8 mln) and 2.393 bln AMD ($5.8 mln), respectively. INECOBANK was the fourth with 2.353 bln AMD, and Ardshininvestbank was the fifth with 2.1 bln AMD.
According to the Financial Rating of the Banks of Armenia by the Agency of Rating Marketing Information (ArmInfo), in terms of ROA the top five leaders are INECOBANK - 2.08%, HSBC Bank Armenia - 1.82%, ArmSwissBank - 1.80%, ARARATBANK - 1.34%, and Prometey Bank - 1.22%. Ameriabank was the sixth with 1.02%. In terms of ROE, the top five leaders are INECOBANK - 13%, HSBC Bank Armenia - 10.64%, ARARATBANK - 9.38%, Ameriabank - 7.36%, and ArmSwissBank - 5.94%.
In the first half of 2013, the summary undistributed profit of the Armenian banking system amounted to 20.6 bln AMD ($50.3 mln), 15.7% more than in the first half of 2012 (up 48.8% in Q2 versus Q1 2013). According to the reports of the 21 banks (given the merger of Cascade Bank and Ameriabank), in the first half of 2013, 18 banks ensured a summary profit of 22.2 bln AMD, and 3 banks demonstrated a summary loss of 1.6 bln AMD. As compared with the first half of 2012, the undistributed profit dropped in 13 banks, with the biggest decline (almost 4-fold) in Byblos Bank Armenia. The biggest rise in the undistributed profit versus the first half of 2012 was fixed in Armeconombank (over 9-fold) due to the 13.3% growth of the loan book. The growth rates of Armeconombank's loan book mostly accelerated due to the funds on nostro accounts (down 33.8% versus the first half of 2012), as well as due to the funds from sales of the government bonds portfolio (down 89.4%).
Over the period under review, the total capital of the banking system was up 5.8% (up 10.3% versus the first half of 2012, up 2.3% in Q2 2013 alone) to 427.2 bln AMD ($1 bln) by 1 July 2013. The growth versus the first half of 2012 was due to the 4.4% increase in the authorized fund (following capitalization of three banks) and revaluation reserve (by 11.1%). The following banks increased their authorized capital: HSBC Bank Armenia (by 76.6% in Q3 2012, the capital was increased at the expense of accumulated profit and quarterly profit), ARARATBANK (by 16.6% in Q4 2012, the capital was increased due to Incofin Investment Management's joining the capital), and ProCredit Bank (by 15.4% in Q3 2012, the capital was increased due to the issue of shares). In terms of the total capital, the top five leaders are ACBA-Credit Agricole Bank - 51.4 bln AMD (up 8.6% versus the first half of 2012), HSBC Bank Armenia - 39.8 bln AMD (up 19.3%), Ameriabank - 39.2 bln AMD (up 6.8%), Ardshininvestbank - 38.6 bln AMD (up 17.1%) and VTB Bank (Armenia) - 33.4 bln AMD (up 12.4%).
In terms of the authorized capital, ACBA- Credit Agricole Bank has been in the lead with 30 bln AMD since July 2011. In Q2 2011 ACBA-Credit Agricole Bank spent the major part of its profit and share premium on capitalization and left Ameriabank behind, which was the leader with 25.5 bln AMD from Q4 2008 till June 2011. HSBC Bank Armenia is the third with 18.4 bln AMD (due to capitalization at the expense of its profit in Q3), ArmBusinessBank is the fourth with 17.5 bln AMD (the bank increased its capital in Q4 2011 at the expense of additional issue). Ardshininvestbank is the fifth with 15.5 bln AMD (no changes versus the same period of 2012).
As compared with the first half of 2013, the assets of the banking system grew by 19.6% to 2.6 trillion AMD ($6.4 bln) by 1 July 2013. The growth in assets was due to the twofold increase in funds on nostro accounts, 22.5% rise in government bonds, 14.5% growth in lending, and 9.7% growth in cash funds. In terms of assets, the top five leaders are Ameriabank - 366.4 bln AMD (up 65.1% versus the first half of 2012), ACBA-Credit Agricole Bank - 260.9 bln AMD (up 8.8%), VTB Bank (Armenia) - 259.9 bln AMD (up 43.2%), Ardshininvestbank - 233.5 bln AMD (up 32.1%), and HSBC Bank Armenia - 222 bln AMD (up 12.3%).
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