ArmInfo. After writing off of assets in Artsakh in 2023, the banking system of Armenia managed to achieve a 61% growth in profit, reaching 363 billion drams by the end of 2024.
The Chairman of the Union of Banks of Armenia (UBA) Daniel Azatyan stated this during a press conference on February 25. He noted that in 2023, the banking system had experienced a 10.6% decrease in profit, amounting to 226 billion drams, primarily due to the tragic September events that resulted in the forced displacement of Artsakh citizens to Armenia.
He specified that the write off of assets in Artsakh in 2023 totaled nearly 80 billion drams, impacting the banking system's profitability. Several banks even experienced a decline that year. Azatyan noted that without that factor, Armenian banks could have seen a 10% profit growth in 2023. Looking at the results of 2024, the UBA head highlighted that the banking system's total capital reached 1.8 trillion drams, with assets at 11 trillion drams. The loan portfolio and deposits both stood at 6.4 trillion drams. The return on equity (ROE) was 22.3%.
