Tax payments by Armenia banking system increase by 10% year on year

ArmInfo. Armenia's banking system paid 41.4 billion drams taxes, with a 10% year on year growth.  Profit and incomes taxes accounted for 37.2bln drams of total. The State Revenue Committee of Armenia reports that 13 out of 22 operating banks (including the non- commercial PanArmenian Bank) are among Top 100 taxpayers of Armenia for 2015 versus 11 banks in 2014.  Top five taxpayer banks are Ameriabank, VTB Bank (Armenia), Ardshinbank, HSBC Bank Armenia and Armbusinessbank.

Ameriabank retained its 15th place in the list of the largest taxpayers of Armenia by paying 5.441 bln drams, of which 5.259 bln drams were profit and income taxes. Then goes VTB Bank (Armenia) - 24th place with 4.453 bln drams, of which 3.819bln drams are profit and incomes taxes.  Ardshinbank was on the 25th place with 4.369bln drams, of which 3.879 bln drams are profit and incomes taxes. HSBC Bank Armenia is the 29th with 3.635bln drams, of which 3.168bln drams are profit and incomes taxes.  Armbusinessbank rounds out the Top Five banks taking the 31st place with 3.563bln drams, of which 3.299 bln are profit and income taxes.

The following banks occurred among Top 100 taxpayers: ACBA-Credit AGricole Bank (38th place, 3.264bln drams, including 2.702bln drams profit and income taxes), INECOBANK (53rd place, 2.254bln drams and 2.117bln drams, respectively), Unibank (57th place, 2.166bln drams and 1.886bln drams respectively), ARARATBANK (67th place, 1.737bln drams and 1.603mlndrams respectively), Converse Bank (70th place, 1.688bln drams and 1.539bln drams, respectively), Armeconombank (75th place, 1.599bln drams and 1.447bln drams respectively), Anelik Bank (89th place, 1.358bln drams and 1.103bln drams, respectively), Areximbank-GPB Bank (93rd place, 1.299bln drams and 1.118bln drams, respectively).

The Top 200 taxpayers of Armenia include ArmSwissbank (101st place, 1.203bln drams, of which 1.173bln drams are profit and incomes taxes), Armenian Development Bank (122nd place, 958.2mln drams and 922mln drams respectively), Prometey Bank (182nd place, with 922 mln drams and 922mln drams respectively).  Top 1000 taxpayers of Armenia include ProCredit Bank (217th place - 548.6mln drams, of which 445.6mlnb drams are profit and incomes taxes), Byblos Bank Armenia (233rd place - 504.4mln drams and 464.9mln drams respectively), Artsakhbank (473rd place - 230.7mln drams and 204.4 mln drams, respectively), BTA Bank (562nd place - 190.3mln drams, 168 mln drams respectively), Mellat Bank (603rd place - 177mln drams, 171.9mln drams, respectively), PanArmenian Bank (953rd place - 105mln drams, 104.3mln drams, respectively).

According to the Financial Rating of Armenian Banks prepared by ArmInfo, the aggregate accumulated profit of the banking system of Armenia totaled 162.2bln drams in 2015 with an 8.3% year on year growth.  Top five banks by this indicator are HSBC Bank Armenia - 32.7bln drams, Ardshinbank - 26.4bln drams, Ameriabank - 19.7bln drams, ACBA-Credit AGricule Bank - 15.5bln drams, and INECOBANK - 13.5bln drams.

In the end of 2015, ProCredit Bank and BTA Bank announced the withdrawal from the market. Currently, these banks are being merged with INECOBANK and Armeconombank respectively.  Consolidation of the banking sector of Armenia, including through merger, is connected with the Central Bank's minimum capital requirements of 30bln drams to be met by 2017.  At present, 6 banks have met the requirement ahead of time.

By data of the Central Bank, the exchange rate was Dec 12 2015 was 483.75AMD/1USD.