Ameriabank leads in list of largest taxpaying banks in Armenia

ArmInfo.In H1 2022, the banking system of Armenia sent more than 32 billion drams or $80.7 million to the state treasury through taxes, which is 31% more than a  year ago.

Of this amount, more than 87.1% or 28.6 billion drams was  paid in direct taxes (including income tax and profit tax), with an  increase of 36% over the year. According to the data of the State  Revenue Committee of the Republic of Armenia, this time the list of  1000 major taxpayers of Armenia included 16 banks out of 17 operating  ones, which accounted for 4.5%.

The top five taxpaying banks included: Ameriabank, ACBA Bank,  Ardshinbank, INECOBANK and Armbusinessbank, which sent to the state  treasury a total of 18.2 billion drams in H1 2022 (y-o-yl growth of  46%), of which 16.3 billion drams - direct taxes (y-o-y growth of  41%).

Ameriabank leads in the list of large taxpayer banks in terms of  payments, as a year earlier, having moved up to 18th place (from 21st  a year earlier), having directed 4.7 billion drams to the state  budget, of which 4.3 billion drams are direct taxes (including income  tax and profit tax). It is followed by: ACBA Bank - 21st place  (against 23rd a year earlier), paying 4.1 billion drams, of which 3.6  billion drams are direct taxes; Ardshinbank - 24th place (against  37th a year earlier) - 3.6 billion drams, of which 3.3 billion - in  direct taxes; INECOBANK - 32nd place (against 53rd a year earlier) -  3 billion (including direct taxes - 2.7 billion), and Armbusinessbank  closes the top five - 42nd place (against 35th a year earlier) - 2.6  billion, of which 2.4 billion- in direct taxes.

The first hundred large taxpayers also included: Converse Bank - 53rd  place (against 45th place a year earlier), which paid 2.2 billion  drams, of which 2 billion - in direct taxes, Armswissbank - 55th  place (against 39-th year earlier) - 2.2 billion, of which 2 billion  - in direct taxes; VTB Bank (Armenia) - 64th place (against 68th a  year earlier) - 1.9 billion, of which 1.4 billion - in direct taxes;  Armeconombank - 76th place (against 58th a year earlier) - 1.7  billion drams, of which 1.5 billion - in direct taxes; IDBank - 95th  place (against 140th a year earlier) - 1.2 billion drams, of which 1  billion drams - in direct taxes; HSBC Bank Armenia - 96th place  (against 98th a year earlier) - 1.2 billion, incl. 864.8 million - in  direct taxes; and ARARATBANK - 99th place (as in the previous year) -  1.1 billion, of which 1 billion - in direct taxes.

The following banks were out of the first hundred: Unibank - 111th  place (against 56th a year earlier) - 1.051 billion drams, of which  689.5 million drams - in direct taxes; Evocabank - 151st place  (against 90th a year earlier) - 765.8 million, of which 599 million -  in direct taxes; Mellat Bank - 194th place (against 273rd a year  earlier) - 617.4 million, of which 601.2 million - in direct taxes;  and Byblos Bank Armenia - 276th (against 191st a year earlier) -  435.5 million drams, incl. 386.5 million drams - in direct taxes.

It should be noted that out of 17 banks operating in Armenia, only  Artsakhbank was not included in the list of 1,000 large taxpayers  during the reporting period, which is explained by the replenishment  of this list by state agencies, which displace economic entities,  including financial organizations, from this list. Prior to this,  Artsakhbank had always appeared in this list, in particular, a year  earlier, in the first half of the year, it ranked 710th with a  payment of 122.6 million drams to the state budget through taxes.

According to the Express Ranking of Armenian Banks as of June 30,  2022, prepared by ArmInfo, the total accumulated profit of the  banking system of Armenia as of that date exceeded 359.5 billion  drams ($883 million), increasing by 39% year-on-year, moreover by 32%  in H1 2022 alone, with an increase of 9.3% in Q2. The top five by  accumulated profit are as follows: Ameriabank - 93.7 billion drams,  Ardshinbank - 58.1 billion drams, INECOBANK - 35.5 billion drams,  HSBC Bank Armenia - 32.6 billion drams, and Converse Bank - 25.9  billion drams. The banking system ended H1 2022 with a balance sheet  profit of 136.9 billion drams (with a 2.8-fold y-o-y increase,  against a 1.2% decline a year earlier), of which the net income after  tax payment was 111.2 million dreams with a 2.7-fold y-o-y increase  (against the stagnant 0.1% growth a year earlier). In Q2 2022 alone,  the net profit of the banking system increased 2.6-fold (against  48.7% growth in Q1 and 9.6% growth in Q2 2021), reaching 80.7 billion  drams. Estimated exchange rate of dram to US dollar as of 30.06.2022  amounted to 407.21 AMD/$1.