VTB Bank (Armenia) among largest taxpayer-banks for 1st half of 2016

ArmInfo. VTB Bank (Armenia) ranks the second in the list of the largest taxpayer-banks and the 26th in the list of top 1,000 taxpayers in Armenia for the 1st half of 2016 by paying 2.024bln drams to the state budget, of which1.8bln drams were direct taxes (incl. profit and incomes taxes).

According to the State Revenue Committee of the Armenian Government, all the banks operating in Armenia were among Top 1,000 taxpayers and paid 5.6% of total taxes (346.7bln drams) paid to the state budget for the 1st half of 2016.

In total the Armenian banks paid 19.4bln drams taxes to the state budget in the 1st half of 2016, which is 13.7% lower than for the same period of 2015. Direct taxes (including profits and incomes taxes) amounted more than 90% or 17.4bln drams of total with a 15% decline year-over-year. According to the State Revenue Committee, 13 of the 19 operating banks were among top 100 biggest taxpayers in Armenia in the 1st half of 2016.  Top 5 taxpayer-banks were Ameriabank, VTB Bank (Armenia), Ardshinbank, ACBA-Credit Agricole Bank and Armbusnessbank, with four of them were among top 5 taxpayer-banks a year ago too. In the 1st half of 2016, the top 5 taxpayer- banks paid 10.1bln drams to the state budget (down 16.3% y-o-y), of which 9.3bln drams were direct taxes (down 16.8% y-o-y).   

According to ArmInfo's Financial Rating of Armenian Banks, the accumulated profits of the banking system of Armenia for the 1st half of 2016 totaled 152.5bln drams, falling 3.5% year over year. Top 5 banks by accumulated profits are HSBC Bank Armenia - 33.8bln drams, Ardshinbank - 27.8bln drams.  Ameriabank - 20.2bln drams, ACBA-Credit Agricole Bank - 15.2bln drams. INECOBANK - 13.01bln drams. The Banking system received 16.65bln drams profits for the 1st half of 2016 (up 36.2% year over year), with the post-tax net profits totaling 12.4bln drams with a 58.7% year-over-year growth.  In Q2 2016, net profits of the banking system grew 3fold to 9.3bln drams (exchange rate for June 30 3016 - 476.68 AMD/1USD.).