ACBA Bank tops list of large taxpayers among Armenian banks in Q1  2024

ArmInfo. In Q1 2023, the banking system of Armenia increased tax contributions to the state  treasury by 8.3% per annum - up to 22.2 billion drams ($56.5 million). Of this amount, 85.2% or 18.9 billion drams were paid in direct taxes, with a y-o-y increase of 7.4%.  

According to the data of the State Revenue Committee of the Republic of Armenia, the list  of 1000 large taxpayers of the country, out of 18 operating banks,  included all except Artsakhbank (as in the previous year). There were  12 banks in the top-100 (versus 9 a year earlier).

In particular, the top five are ACBA Bank, Ameriabank, Ardshinbank,  Unibank and INECOBANK. At the end of Q1 2024, the top five banks sent  12.4 billion drams to the state treasury through taxes, which is 8.8%  lower than the year-ago figure, of which 10.6 billion were in direct  taxes (with a y-o-y decline of 13.1%).  The top five banks account  for 56% of the total tax contributions to the state treasury by the  banking system.

As of the end of Q1 2024, the share of the banking system in the  total tax deductions of 1000 large taxpayers of Armenia decreased to  5.7 percent, from 6.3 percent last year.

ACBA Bank, the leader among the banks with the amount of taxes paid,  took the 13th place (versus 6th a year earlier), paying 3.2 billion  drams, of which 2.7 billion - for direct taxes (including profit tax  and income tax). Ameriabank moved up to 14th place (from 22nd a year  earlier), sending 3.1 billion drams to the state budget, of which  about 2.5 billion were in direct taxes. Ardshinbank moved up to 22nd  place (from 37th a year earlier), transferring 2.3 billion drams to  the state treasury, of which 2.1 billion drams were in direct taxes.  Unibank took 23rd place (versus 86th a year earlier), sending 2.2  billion drams to the state budget, of which 2 billion drams were in  direct taxes. INECOBANK closes the top five - 40th place (versus 51st  a year earlier), having paid over 1.4 billion drams, of which 1.2  billion - in direct taxes The top hundred also includes Evocabank -  44th place (1.4 billion drams, of which over 1.2 billion - in direct  taxes), Converse Bank - 50th place (1.3 billion drams, of which 1.1  billion - in direct taxes), Armeconombank - 56th place (1.1 billion  drams, of which 971.7 million - in direct taxes), AMIO Bank - 60th  place (over 1 billion drams, of which 955.7 million drams - in direct  taxes), Araratbank - 64th place (1 billion drams, of which 887.1  million are in direct taxes), IDBank - 67th place (969.7 million  drams, of which 791.4 million are in direct taxes), VTB Bank  (Armenia) - 85th place (803.9 million drams, of which 653.8 million  are for direct taxes).

The remaining are ranked as follows: Armswissbank - 106th place  (624.2 million drams, of which 580.3 million - in direct taxes), HSBC  Bank Armenia - 109th place (611.2 million drams, of which 422.2  million - in direct taxes), Fast Bank - 130th place (513.1 million  drams, of which 413.1 million drams - in direct taxes), Byblos Bank  Armenia - 330th place (216.6 million drams, of which 180.3 million -  in direct taxes) and Mellat Bank - 486 place (148.5 million drams, of  which 135.8 million are in direct taxes).

According to the Express Ranking of Armenian Banks as of March 31,  2024, prepared by ArmInfo IC, the total accumulated profit of the  Armenian banking system as of this date reached 669.3 billion drams  ($1.7 billion), an increase of 20% year-on-year. The top five leaders  in terms of accumulated profit are Ameriabank, Ardshinbank, ACBA  Bank, INECOBANK and Converse Bank. The banking system completed Q1  2024 with a balance sheet profit of 101.3 billion drams or $257.5  million (with a slowdown in annual growth from 2.1-fold to 18.3%),  after paying taxes from which net profit exceeded 83.1 billion drams  ($211.4 million), slowing down in y-o-y growth from 2.2-fold to  18.8%. In terms of net profit, the TOP-5 includes: Ardshinbank,  Ameriabank, INECOBANK, ACBA Bank and Converse Bank. (The calculated  exchange rate of the dram against the dollar as of March 31, 2024 was  393.28 AMD/$1).