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%.  

ArmInfo.AraratBank intends to double its leasing portfolio by the end of 2024. Edgar Avagyan Head  of the Leasing Department at AraratBank told journalists on the sidelines of the Leasing Expo-2024 specialized exhibition.

ArmInfo.

ArmInfo. Armenia's Ministry of and Social Affairs has released a list of banks participating in a 10%  cashback programme for pensioners. 

ArmInfo. In the banking sector of Armenia, the volume of lending accelerated in growth in 2023 from 13%  to 21%, reaching 5.8 trillion drams ($14.2 billion). But this was not enough to save profits from the decline, which, after a 3-fold jump in 2022, decreased by 9.2% in 2023, amounting to 229.9 billion drams ($567.9 million). This is evidenced by the data of the Financial Rating of Banks of Armenia as of December 31, 2023, prepared by  ArmInfo. 

ArmInfo. Araratbank intends to develop and implement an ESG strategy that includes environmental,  social and corporate governance as three central factors in assessing the sustainability and impact of the company on the environment, society and the internal governance structure of the Bank, Raisa  Babayan, Environmental and Social Risks Officer, stated at a panel discussion on the topic "Leadership in business beyond legal requirements", within the framework of the annual conference ROBUST ARMENIA-2024.

ArmInfo. Araratbank has adopted a policy consistent with the principles of sustainable development,  because without compliance with ESG (Environmental, Social, Governance) aspects, our well-being and future are impossible, Raisa Babayan, Environmental and Social Risks Officer, stated at a panel discussion on the topic "Leadership in business beyond legal requirements", within the framework of the annual conference ROBUST  ARMENIA-2024.

ArmInfo.Armenia should completely switch to renewable energy sources, Jon Dee, Co-founder  and Managing Director of DoSomething, stated at the ROBUST ARMENIA- 2024 conference. 

ArmInfo. In 2023, the banking system of Armenia doubled tax payments to the state treasury - up to AMD 123.5bln ($305 million), of which AMD 71.5bln were for direct taxes (with an annual increase of 39.7%).

ArmInfo. The net profit of Armenian banks dropped by 9.2% in 2023 (after 3-fold increase  in 2022), amounting to 229.8 billion drams ($567.8 million) due to the deterioration of the y-o-y dynamics of non-interest income from a  4-fold increase to an almost 2-fold decline. Moreover, on a quarterly terms, profit began to decrease in Q3, then fell sharply down (-35%) in Q4, according to the data of the Express Ranking of Banks of Armenia as of December 31, 2023, prepared by ArmInfo IC.

ArmInfo. AraratBank has been awarded the Best CSR Bank Armenia 2023 in the Global Banking & Finance Review awards 2023. This reputable award underscores the Bank's responsibility and commitment to the values of corporate social responsibility.

ArmInfo.For the third year in a row, AraratBank was recognized as the Best Sub-Custodian Bank in Armenia by the professional team of the premium international magazine Global Finance.

ArmInfo.The international network of impact hubs (centers for social innovation,  entrepreneurship and coworking spaces) began to actively develop around the world in 2009. The opening of such a center in Armenia took place in 2016, which happened in parallel with their  establishment in many countries of Western Europe.

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.

ArmInfo.On October 17, Impact Hub Yerevan hosted a pitching day event as well as a humble award ceremony for the participants of this year’s Social Impact Award Armenia. The Social Impact Award, a prestigious platform supporting young social entrepreneurs, took place for another year of honoring innovative business solutions aimed at addressing pressing social challenges. Under the umbrella of the Collaborate for Impact program, funded by the European Union in Armenia and executed by the European Venture Philanthropy Association (EVPA) in partnership with Impact Hub Yerevan, this year's awards have seen a significant contribution from Ararat Bank.

ArmInfo.The information on social networks about the alleged withdrawal of funds from social  assistance by Armenian banks to forcibly displaced residents of Artsakh is pure insinuation and fake.

ArmInfo.The EFES Insurance CJSC has de facto returned to the Armenian market. Having registered with  the Central Bank at the end of July this year, EFES Insurance CJSC managed to establish partnerships with six banks and the largest leasing company in Armenia as well as with a number of travel agencies, by October. In total, 51 organizations already act as insurance agents of EFES, including ACBA Bank, Converse Bank,  Araratbank, Evokabank, Inecobank, Byblos Bank and ACBA Leasing.

ArmInfo.Commercial banks in Armenia are currently conducting an inventory of tangible and  intangible assets in order to get a complete picture of the problems  that have arisen as a result of the situation in Nagorno-Karabakh. 

ArmInfo.At the end of H1 2023 two Armenian banks, Ameriabank and Ardshinbank entered the TOP-5 of the list of 1000 largest taxpayers in Armenia, ranking 4th and 5th,  respectively, in annual terms (from 18th and 24th in H1 2022). This  is evidenced by the data of the State Revenue Committee of Armenia.

ArmInfo. On June 28, ARARATBANK  OJSC started payment of dividends to shareholders, directing AMD 5  billion ($12.7 million) from the net profit of AMD 13.2 billion  ($33.5 million) received for 2022. The remaining AMD 8.2 billion  ($20.8 million) remain at the disposal of the Bank and will be  directed to its development. This decision was made at the General  Annual Meeting of ARARATBANK Shareholders held on June 27.