Saturday, November 13 2010 17:00
Accumulated profit of Armenian banking system totaled $238.2 million as of Oct 1 2010
ArmInfo. The accumulated profit of the Armenian banking system grew 14.9% for 9 months of 2010 and 4.9% for Q3, whereas comparing to 9 months of 2009 this indicator grew 24,7% and totaled 86.1 billion drams ($238.2 million) on Oct 1 2010. The share of accumulated profit in total capital was over 27%. The accumulated profit of 19 banks totaled 88.2 billion drams ($244.2 million), whereas this indicator of another 2 banks was negative - a total of 2.1 billion drams ($6 million) loss.
Ranking of Armenian Commercial Banks prepared by Agency of Rating Marketing Information (ArmInfo) says ACBA-Credit Agricole Bank was the leader in terms of accumulated profit - 15.8 billion drams or $43.8 million (37.9% growth versus 9 months of 2009 and 7.4% growth for Q3 2010). HSBC Bank Armenia was the second with 12.2 billion drams or $33.8 million (41.9% and 10,4% growth). Then goes VTB Bank (Armenia) - 10.6 billion drams or $29.3 million (over twofold annual growth and 17.9% growth for Q3), Ardshininvestbank- 8.7 billion drams or $24.1 million (up 14.5% and 2%, respectively), Converse Bank - 7.3 billion drams or $20.1 million (down 9% and 21.5%, respectively). BTA Bank suffered the most tangible decline - 1.4 billion drams ($3.8 million) with 28.1$ annual and 6.3% quarterly growth.
Out of 21 operating commercial banks (Cascade Bank and Ameriabank merged in mid-June 2010) 17 ensured annual growth of accumulated profit. Anelik Bank ensured the highest growth - almost 3-fold. Armeconombank and Artsakhbank suffered the most tangible decline for the year - 87.4% and 55.2% respectively. 19 banks ensured growth of the accumulated profit for Q3 2010, and Byblos Bank Armenia showed almost 3-fold growth of this indicator and reached the positive level. INECOBANK and Converse Bank suffered 30.1% and 21.5% decline for Q3 2010 respectively.