In 2019, Armenian banks increased tax payments to the state treasury  by 7.7% - up to $ 114 million

ArmInfo. In 2019, the banking system of Armenia increased tax payments to the state  treasury by 7.7% - up to 54.6 billion drams ($ 114 million). Of this  amount, 94.5% or 51.6 billion drams were paid in direct taxes, with a  y-o-y growth of 23.8%.

According to the RA State Revenue Committee, according to the results  of 2019, 12 out of 17 existing banks were in the first hundred of the  largest taxpayers of Armenia (as a year earlier).

Among them, the top five taxpayer banks were Ameriabank, ACBA-Credit  Agricole Bank, Armbusinessbank, INECOBANK and Ardshinbank, four of  which were in TOP-5 a year earlier.

In 2019, the top five banks sent 29.8 billion drams to the state  treasury through taxes (annual growth of 11.2%), of which 28.7  billion drams - for direct taxes (annual growth of 19.1%).

The leader among banks in terms of the amount of taxes paid -  Ameriabank took the 19th place (against the 21st year earlier) in the  list of large taxpayers, sending 8.5 billion drams to the state  budget, of which AMD 8.4 billion - direct taxes (including income tax  and profit tax). It is followed by: ACBA-Credit Agricole Bank - 23rd  place (against the 20th year earlier), which paid 6.7 billion drams,  of which 3.2 billion - profit tax, Armbusinessbank - 37th place  (against the 39th year earlier), which paid 5 billion, of which 4.6  billion - direct taxes, INECOBANK - 38th place (against the 30th year  earlier), which paid 4.8 billion drams, of which 4.7 billion are  direct taxes. This time, the first five major taxpayer banks are  closed by Ardshinbank, which ranked the 40th (versus the 35th year  earlier) and paid 4.6 billion drams, of which 4.2 billion drams are  for direct taxes.

The first hundred large taxpayers also included Converse Bank - 50th  place (3.6 billion, of which 1.9 billion - profit tax), Armeconombank  - 57th place (3.1 billion, of which 2.8 billion - direct taxes),  Armswissbank - 64 place (2.9 billion, of which 2.4 billion - profit  tax), Unibank - 70 place (2.8 billion drams, of which 2.3 billion  drams - direct taxes), Araratbank - 84 place (2.4 billion drams, of  which 2.3 billion - direct taxes), HSBC Bank Armenia - 88th place  (2.4 billion drams, of which 1.5 billion - direct taxes) and VTB Bank  (Armenia)- 90th place (2.3 billion drams, of which 151.6 million -  profit tax).

IDBank got into the second hundred major taxpayers of Armenia - 115th  place (1.6 billion, of which 1.3 billion - direct taxes), Evocabank  -the 119th place (1.6 billion drams, of which 1.5 billion - direct  taxes) and Mellat Bank - the 195th place (960.4 million drams, of  which 892.6 million drams - direct taxes).

Byblos Bank Armenia was also included in the list of 1000 large  taxpayers of Armenia - 213 place (881.3 million drams, of which 739.3  million drams - for direct taxes), and Artsakhbank - 800 place (212.5  million drams, of which 204.8 million - income tax)

It should be noted that in 2018, Armenian banks paid 50.7 billion  drams taxes to the state treasury, of which over 88.1% or 44.7  billion were paid on direct taxes.

According to the Financial Rating of the Banks of Armenia prepared by  ArmInfo IC as of January 1, 2020, the total accumulated profit of the  banking system amounted to 224.3 billion drams ($ 467.6 million),  with annual growth of 37.7%. Ameriabank, ACBA-Credit Agricole Bank,  INECOBANK, HSBC Bank Armenia and Converse Bank were among the five  leaders in terms of accumulated profit. The banking system ended 2019  with a net profit of AMD 100.8 billion (annual growth of 36.6%),  after which taxes were paid, net profit of 78.02 billion drams with  an annual growth of 38.4%. In IV quarter of 2019 alone net profit of  the banking system dropped by 16.1%, amounting to 18.9 billion drams.  (The calculated exchange rate of the dram to the dollar as of  December 31, 19 amounted to 479.70 AMD/ $ 1).