ArmInfo. In 2016, the banking system of Armenia paid 34.4 bln AMD in taxes, 16.9% less than in 2015. Over 88% or 30.1 bln AMD of this amount was paid in direct taxes (including profit tax and income tax), with a 19.1% decline versus 2015. According to the State Revenue Committee of Armenia, 12 out of the functioning 17 banks (versus 13 in 2015) were among the top 100 taxpayers of Armenia in 2016. The top banks among the taxpayers were Ameriabank, VTB Bank (Armenia), ACBA-Credit Agricole Bank, Ardshinbank and INECOBANK, which paid 16.7 bln AMD in taxes (down 22.3% versus 2015), including 15.1 bln AMD in direct taxes (down 22.2% versus 2015).
Ameriabank was the 25th (15th position a year before) on the list of top 100 taxpayers. The bank paid 4 bln AMD in taxes, including 3.8 bln AMD in direct taxes (profit tax and income tax inclusive). VTB Bank (Armenia) held the 29th position (24th position a year before) by paying 3.4 bln AMD, including 2.9 bln AMD in direct taxes. ACBA-Credit Agricole Bank was the 31st (versus 38th position a year before) - 3.3 bln AMD, including 2.9 bln AMD in direct taxes. Ardshinbank was the 39th (versus 25th position a year before) - 3 bln AMD, including 2.8 bln AMD in direct taxes. INECOBANK held the 43rd position (versus 53rd position a year before) - 2.8 bln AMD, including 2.6 bln AMD in direct taxes.
The top 100 taxpayers also included Armbusinessbank (45th position - 2.7 bln AMD, including 2.4 bln AMD in direct taxes), Unibank (49th position - 2.6 bln AMD, including 2.1 bln AMD in direct taxes), HSBC Bank Armenia (68th position - 1.8 bln AMD, including 1.6 bln AMD in direct taxes), Converse Bank (74th position - 1.6 bln AMD, including 1.4 bln AMD in direct taxes), Anelik Bank (82nd position - over 1.5 bln AMD, including 1.2 bln AMD in direct taxes), and Armeconombank (83rd position - 1.5 bln AMD, including 1.3 bln AMD in direct taxes).
The top 200 taxpayers of Armenia also comprised Areximbank - 106th position (1.2 bln AMD, including 1 bln AMD in direct taxes), Araratbank - 128th position (1 bln AMD, including 890.7 mln in direct taxes), Armswissbank - 143rd position (861.1 mln AMD, including 827.2 mln AMD in direct taxes), Armenian Development Bank - 172nd position (738.9 mln AMD, including 694.3 mln AMD in direct taxes), and Prometey Bank - 190th position (666.2 mln AMD, including 604.5 mln AMD in direct taxes).
The top 1000 taxpayers of Armenia also comprised Mellat Bank - 266th position (470.3 mln AMD, including 452.9 mln AMD in direct taxes), Byblos Bank Armenia - 289th position (431.2 mln AMD, including 316.3 mln in direct taxes), and Artsakhbank - 456th position (200.2 mln AMD, including 194.2 mln AMD in direct taxes).
According to the Financial Rating of Armenian Banks by the Agency of Rating Marketing Information (ArmInfo), in 2016 the aggregate accumulated profit of the Armenian banking system amounted to 162.1 bln AMD (up 4.1% versus 2015). The top five banks in terms of accumulated profit were Ardshinbank - 29.9 bln AMD, HSBC Bank Armenia - 28.6 bln AMD, Ameriabank - 24.3 bln AMD, ACBA-Credit Agricole Bank - 16.3 bln AMD, INECOBANK - 15.5 bln AMD. In 2016, the pretax profit of the banking system was 24.6 bln AMD (down 25.4% versus 2015), and the net profit totaled 18.3 bln AMD (down 29.9% versus 2015). In Q4 2016, the net profit of the banking system dropped by 82.1% to 940.3 mln AMD. (On 31 Dec 2016, the average AMD/USD exchange rate was 483.94 AMD/$1).
To note, in late 2015 ProCredit Bank and BTA Bank merged with INECOBANK and Armeconombank respectively. A year later, in December 2016 Areximbank-Gazprombank Group and Armenian Development Bank merged with Ardshinbank and Araratbank respectively. As a result, now there are 17 banks in Armenia. As of January 1, 2017, unlike Ardshinbank, the financial reports of INECOBANK, Armeconombank and Araratbank have already been published in a merged form. The consolidation of the banking sector of Armenia was dictated by the need to meet the Central Bank's minimum total capital standard (30 bln AMD), which came into effect on 1 Jan 2017.