ArmInfo. From January to September 2025, Armenia's banking system increased tax payments to the state treasury by 28% year-on-year, reaching 131.2 billion drams ($343 million). According to the State Revenue Committee, 91.5%, or 120 billion drams, of this amount was paid in direct taxes (including profit and income taxes), a 30% increase compared to the same period last year.
According to the State Revenue Committee, all 17 operating banks are listed as major taxpayers, the same as last year. Additionally, the banking system's share increased over the year from 7.7% to 9.1%. The top five taxpaying banks were Ardshinbank, Ameriabank, ACBA Bank, INECOBANK, and Converse Bank. Together they contributed a total of 84.5 billion drams to the state treasury in the first nine months of 2025 (a 51.7% year-on-year increase). Of this amount, 78.5 billion drams were in direct taxes (a 56.4% year-on-year increase).
Ardshinbank leads the list of large taxpayers, ranking fifth (compared to the 24th the previous year), having contributed 31.9 billion drams to the state budget, with 30 billion drams in direct taxes. Moreover, taking into account the merger with Ardshinbank in April of this year, Ardshininvestbank's total tax payments amounted to 34.3 billion drams (including 2.4 billion from Ardshininvestbank).
Ameriabank came in sixth place, having paid 24.9 billion drams to the state treasury, with 23.4 billion being direct taxes. ACBA Bank ranked 19th (compared to 17th a year ago), having paid 11.3 billion drams to the state budget, with 9.8 billion being direct taxes. INECOBANK dropped to 23rd place (from 19th a year ago), having paid 9.9 billion drams to the state treasury, with 9.3 billion being direct taxes. Converse Bank rounded out the top five, ranking 38th (compared to 28th a year earlier). The bank paid 6.4 billion drams to the state treasury, with 5.8 billion in direct taxes.
Furthermore, 14 banks were among the top 100 largest taxpayers in Armenia for the first nine months of 2025, the same as a year earlier.
Specifically, Unibank ranked 39th (compared to 27th a year earlier), having paid 6.04 billion drams to the state treasury (including 5.4 billion in direct taxes); IDBank ranked 40th (compared to 39th a year earlier) with 6.015 billion drams (including 5.3 billion in direct taxes); Evocabank - 47th place (compared to 46th a year earlier) - 5.5 billion drams (with 5.1 billion in direct taxes); Araratbank - 53rd place (compared to 42nd a year earlier) - 4.8 billion (with 4.3 billion- in direct taxes); Armeconombank - 55th place (compared to 54th a year earlier) - 4.7 billion (with 4.2 billion in direct taxes); VTB Bank (Armenia) - 58th place (compared to 51st a year earlier) - 4.4 billion (with 3.9 billion in direct taxes); ArmSwissbank - 72nd place (compare to 108th a year earlier) - 3.7 billion (with 3.3 billion in direct taxes); AMIO Bank - 73rd place (compared to 68th a year earlier) - 3.7 billion (with 2.9 billion in direct taxes); and Fast Bank - 76th place (compared to 67th a year earlier) -3.6 billion (with 3.1 billion in direct taxes). The top 200 largest taxpayers in Armenia included: Mellat Bank - 165th place (compared to 166th a year earlier) - 1.6 billion (with 1.5 billion in direct taxes) and Artsakhbank - 186th place (compared to 192nd a year earlier) - 1.4 billion drams (with 1.3 billion was in direct taxes). Byblos Bank Armenia made it into the top 300, taking 288th place (compared to 285th a year earlier), having paid 934.9 million drams to the state budget, including 823.1 million in direct taxes.
According to the Express Ranking of Armenian Banks as of September 30, 2025, prepared by ArmInfo Investment Company, the total accumulated profit of the Armenian banking system reached 887.3 billion drams ($2.3 billion), with the annual growth rate slowing from 23% to 13% on that date. The top five banks by accumulated profit are Ameriabank - 253 billion drams, Ardshinbank - 163.2 billion drams, ACBA Bank- 68.8 billion drams, Evocabank-68.7 billion drams, and Converse Bank- 64 billion drams. The banking system ended the first nine months of 2025 with a net profit of 375.3 billion drams (with annual growth slowing from 26% to 15%), after taxes, net profit was 307.9 billion drams (with annual growth slowing from 25% to 15%). The top five banks by net profit are Ardshinbank, Ameriabank, ACBA Bank, INECOBANK, and Evocabank, collectively generating almost 72% of the banking sector's profit, with the top two accounting for over 50%. The dram exchange rate as of September 30, 2025, was AMD 382.52/1$.
Recall, HSBC Armenia Bank was still included in the list of Armenia's top 1,000 taxpayers until October 2024. The merger with Ardshinbank was already underway and completed on November 29, 2024, with the bank being renamed Ardshininvestbank (as a subsidiary). Ardshinbankthen published its consolidated balance sheet for 2024. Subsequently, on April 21, 2025, Ardshininvestbank merged with Ardshinbank.
