Tax payments of banking system of Armenia have increased  significantly

ArmInfo.The banking system of Armenia in Jan-Sept 2023 sent 111.8 billion drams or $284.1 million to the state treasury through taxes, which is 2.4-fold higher than the year-ago. Of this amount, 91.1% or 101.9 billion drams were paid for direct taxes (including profit tax and income tax), with an increase of 2.6-fold over the year, according to the data from the State Revenue Committee.

According to the State Revenue Committee, out of the 18 operating  banks, all were included in the list of large taxpayers, with the  exception of Artsakhbank. However, the share of the banking system  increased over the year from 4.3% to 8.8%.

The TOP-5 taxpayer banks are Ameriabank, Ardshinbank, ACBA Bank,  INECOBANK and Evocabank, which sent a total of 70.9 billion drams (a  2.8-fold y-o-y growth ) to the state treasury for 9 months of 2023,  of which 36.1 billion drams - for direct taxes (y-o-y growth by  61.5%).

At the same time, 15 banks were included in the TOP 100 largest  taxpayers in Armenia based on the results of 9 months of 2023,  compared to 10 a year earlier.

Ameriabank is the leader among banks in the list of large taxpayers,  taking 6th place (versus 20th place a year earlier), having paid 22.8  billion drams to the state treasury, of which 20.5 billion drams are  direct taxes.

Ameriabank is followed by: Ardshinbank - 7th place (versus 32nd   placea year earlier), having sent 21.3 billion drams to the state  budget, of which 20.3 billion drams are direct taxes; ACBA Bank -  16th place (versus 26th  place a year earlier), having paid 10.8  billion drams to the state budget, of which 9.7 billion drams are  direct taxes; INECOBANK - 21st place (versus 39th place  a year  earlier), having paid 8.6 billion, incl. 8 billion - for direct  taxes; and Evocabank closes the TOP-5 - 25th place (versus 151st  place a year earlier) - having paid 7.3 billion drams, of which 7  billion are in direct taxes.

The TOP-100 large taxpayers also included: Converse Bank - 29th place  (versus 64th place a year earlier) - having paid 6.7 billion drams  (of which 6.3 billion - for direct taxes); IDBank - 36th place  (versus 100th place a year earlier) having paid 5.4 billion drams, of  which 4.9 billion drams - for direct taxes; ARARATBANK - 42nd place  (versus 102nd place a year earlier) - having paid 4.9 billion drams,  of which 4.5 billion drams - for direct taxes; HSBC Bank Armenia -  44th place (versus 111th place a year earlier) - having paid 4.8  billion drams , of which 4.2 billion drams- in direct taxes;  Armeconombank - 64th place (versus 79th lacea year earlier) - having  paid 3.6 billion drams, of which 3.1 billion drams- in direct taxes;  VTB Bank (Armenia) - 76th place (versus 68th place a year earlier) -  having paid over 3 billion drams, of which 2.5 billion drams - in  direct taxes; Unibank - 77th place (versus 106th  place a year  earlier) having paid  3 billion drams, of which 2.3 billion drams -  for direct taxes; Fast Bank - 87th place - having paid 2.7 billion  (of which 2.4 billion - in direct taxes); Armswissbank - 92nd place  (versus 72nd a year earlier) - 2.5 billion, of which 2.4 billion -  for direct taxes; Armbusinessbank is in 93rd place (versus 48th place  a year earlier), having allocated 2.4 billion drams, of which 1.8  billion  drams- in direct taxes.

The TOP-200 large taxpayers in Armenia included Mellat Bank - 258th  place (versus 261st place a year earlier) - having paid 905.9 million  drams, of which 877.2 million drams - for direct taxes, and Byblos  Bank Armenia - 318th place (versus 295th place- a year earlier) -  having paid 728 million drams, incl. 624.2 million drams - for direct  taxes.

In Jan-Sept 2022, the TOP-5 taxpayer banks included Ameriabank, ACBA  Bank, Ardshinbank, INECOBANK and Armbusinessbank, which sent a total  of 25.3 billion drams to the state treasury (a y-o-y increase of  13.4%), of which 22.3 billion drams - in direct taxes (y-o-y  growth  by 12.2%).

In total, the banking system transferred 46.5 billion drams or $114.5  million to the state treasury through taxes over the 9 months of  2022, with a y-o-y  increase of 14%. Of this amount, 85.5% or 38.6  billion drams were paid for direct taxes (including profit tax and  income tax), with an increase of 10.8% over the year.

According to the Express Ranking of Armenian Banks as of September  30, 2023, prepared by ArmInfo IC, the total accumulated profit of the  Armenian banking system as of this date reached 640.5 billion drams  ($1.6 billion), with a slowdown in y-o-y growth rates from 50.7% to  49.7% . The TOP-5 in terms of accumulated profit includes: Ameriabank  - 135.6 billion drams, Ardshinbank - 120.9 billion drams, ACBA Bank -  61.3 billion drams, INECOBANK - 50.3 billion drams, and Converse Bank  - 40 billion drams. The banking system completed the 9 months of 2023  with a balance sheet profit of 259.4 billion drams (with a slowdown  in y-o-y growth from 3-fold to 9.2%), after paying taxes from which  the net profit amounted to 215 billion drams (with a slowdown in  y-o-y growth from 3-foldto 11 %). (The calculated exchange rate  of  dram to dollar as of September 30, 2023 was 393.40 AMD/$1).