In Q1 2023, Armenia`s banking sector increased tax payments to state treasury by 58%

ArmInfo. The banking sector of  Armenia in Q1 2023 increased tax payments to the state treasury by  58% per annum - up to 20.5 billion drams ($52.7 million). Of this  amount, 85.7% or 17.6 billion drams was paid in direct taxes, with a  y-o-y increase of 62%. This is evidenced by the data of the State  Revenue Committee of the Republic of Armenia on the list of 1000  large taxpayers of the country, according to which, 9 banks were  included in the first hundred of the list (as in the previous year).

Among them, ACBA BANK and Ameriabank hold the first two places in the  TOP-5 taxpaying banks, while INECOBANK continues to close the TOP-5,  and the 3rd and 4th places are now held by Armeconombank and  Ardshinbank, instead of Armbusinessbank and VTB Bank (Armenia) a year  earlier.  In Q1 2023, the TOP-5 taxpaying banks sent 13.6 billion  drams to the state treasury through taxes, which is 93% higher than  the indicator of a year ago, of which 12.2 billion - through direct  taxes (with a 2-fold y-o-y increase).

The share of the TOP-5 taxpaying banks accounts for 66.5% of the  total volume of tax payments to the state treasury by the banking  system.  In Q1 2023, the share of the banking system in the total tax  payments of 1,000 large taxpayers in Armenia increased to 6.3% from  3.8% a year earlier.

The leader among banks in terms of taxes paid is ACBA Bank - 6th  place (against 23rd a year earlier), which paid 7.1 billion drams, of  which 6.7 billion - in direct taxes (including profit tax and income  tax) .  Ameriabank moved up to 22nd place (from 24th a year earlier),  having allocated more than 1.9 billion drams to the state budget, of  which about 1.4 billion - direct taxes. They are followed by:  Armeconombank - 27th place (against 66th a year earlier), having paid  1.7 billion drams, of which 1.6 billion - direct taxes; Ardshinbank -  37th place (against 52nd a year earlier), having paid 1.5 billion  drams, of which 1.3 billion drams -  direct taxes. INECOBANK closes  the TOP-5 large taxpaying banks - 51st place (against 38th a year  earlier), paying 1.2 billion drams, of which over 1 billion - in  direct taxes.

The first hundred of the list of large taxpayers also included:  Evocabank - 64th place (over 1 billion drams, of which 970.8 million  - in direct taxes), Converse Bank - 71st place (959.6 million drams,  of which 814 million - in direct taxes) , Unibank - 86th place (797  million drams, of which 593 million - for direct taxes), VTB Bank  (Armenia) - 93rd place (765.5 million drams, of which 532.7 million -  for direct taxes).

The remaining banks took the following positions: IDBank - 106th  place (660 million drams, of which 515 million - for direct taxes);  Araratbank - 108th place (635.1 million drams, of which 534.5 million  - for direct taxes); Armswissbank - 116th place (610.4 million drams,  of which 570 million - for direct taxes); HSBC Bank Armenia - 159th  place (451.5 million drams, of which 266.1 million - for direct  taxes); Armbusinessbank - 201st place (365.4 million drams, of which  147 million - for direct taxes); Fast Bank - 244th place (294.3  million drams, of which 225.8 million - in direct taxes); Byblos Bank  Armenia - 389th place (190.2 million drams, of which 155.3 million -  for direct taxes); Mellat Bank - 779th place (96.6 million drams, of  which 85.9 million - for direct taxes). Only Artsakhbank  isn't on  the list of 1000 large taxpayers.

It is worth noting that since the end of 2022, there are already 18  banks in the banking system of Armenia, taking into account a new  participant that appeared in November - Fast Bank, which previously  operated in the country's financial market as a universal credit  company.  According to the Express Ranking of Armenian Banks as of  March 31, 2023, prepared by  ArmInfo, the total accumulated profit of  the Armenian banking system as of this date reached 557.3 billion  drams ($1.4 billion), having increased by 69.4% year-on-year.  Ameriabank, Ardshinbank, INECOBANK, ACBA Bank and HSBC Bank Armenia  are in the The TOP-5 in terms of accumulated profits. The banking  system closed the Q1 2023 with a balance sheet profit of 85.5 billion  drams or $220.2 million (with a 2.1-fold y-o- y increase ), after the  payment of taxes, the net profit from which exceeded 69.9 billion  drams ($180.1 million), having increased 2.2-fold. In terms of net  profit, the TOP-5 includes Ardshinbank, Ameriabank, INECOBANK, ACBA  Bank and Converse Bank. (The estimated exchange rate of the dram  against the dollar as of March 31, 2023 was 388.48 drams / $1).