VTB Bank (Armenia) among top 3 Armenian banks by amount of taxes paid in Q1 2016

ArmInfo. VTB Bank (Armenia) is among the leaders of banking system of Armenia paying about 889.5 mln AMD to the state budget and holding the 3rd place among commercial banks of Armenia and 26th place in the list of the largest taxpayers of the country, the press-service of the bank informed ArmInfo, referring to the data published by the State Revenue Committee of Armenia for Q1 2016.

All the Armenian banks were among the 1000 largest taxpayers and hold 5.9% share in total amount of taxes, paid in the reported period. In overall the 1000 largest taxpayers have paid more than 156.5 bln AMD into state budget in Q1 2016.

To recall, Armenia's banking system paid 41.4 billion drams taxes in 2015, with a 10% year on year growth.  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. VTB Bank (Armenia) holds 24th place in the list of the largest taxpayers of Armenia by paying 4.453 bln drams, of which 3.819bln drams are profit and incomes taxes.

To note, VTB Bank (Armenia) joined VTB Group in April 2004 and is fully owned by VTB Group, the second biggest bank in Russia. VTB Bank (Armenia) is one of the leaders of Armenia's banking sector. It has 67 branches all over the country (the largest branch network in Armenia).