ArmInfo.The net profit of Armenian banks increased in by 18.8% per annum Q1 2024  (after a 2.2-fold increase a year earlier), exceeding 83.1 billion drams ($211.4 million). It was possible to maintain the positive dynamics of net profit thanks to the acceleration of the y-o-y growth of the loan portfolio from 3.5% to 18.7%, ensuring a volume of 5.1 trillion drams ($13 billion), according to the data of the Express Ranking of Banks of Armenia on March 31, 2024, prepared by ArmInfo IC.  In Q1 2024 alone, the net profit of banks increased 5.6-fold, while a year earlier in the same period a meager quarterly growth of 1.5% was recorded, and in Q4 2023, the dynamics completely slipped to negative 35%.

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

ArmInfo.There are currently no reasons for concern regarding the growth of consumer lending in Armenia. Deputy Governor at Central Bank of Armenia Armen Nurbekyan said, answering questions during a panel session at the economic forum organized by Amundi-ACBA Asset Management, the pension fund  management company.

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.Mortgage loan debt per capita in Armenia for 9 months of 2023 amounted to $861 per person. The volume of the mortgage burden in the country is lower only than the indicators of Russia ($1397), ($1397), but significantly exceeds the indicators of Kazakhstan ($597), Belarus ($487), Azerbaijan ($198), Uzbekistan ($132) and Kyrgyzstan ($47).

ArmInfo. Since the introduction  of the 10% cashback program for pensioners and people receiving  benefits when paying with bank cards, from July 2022 to November  2023, Armenian pensioners have made non-cash purchases totaling 62  billion drams. Cashback amounted to 5.2 billion drams. Prime Minister  Nikol Pashinyan announced today at a meeting of the Cabinet of  Ministers.

ArmInfo.In 2024, the program for the return of pensions and benefits for transactions on  non-cash payments for beneficiaries will not undergo any changes, Minister of Finance of the Republic of Armenia Vahe Hovhannisyan stated on December 6, during the presentation of the final version of  the draft state budget of Armenia for next year. 

ArmInfo.The profits of Armenian banks, which sharply increased over the past year by leaps  and bounds in foreign exchange transactions, are beginning to slow  down significantly in growth rates.

ArmInfo.Armenia's banking system is making half-hearted attempts to reanimate corporate lending, which snowed a decline last year, against a backdrop of accelerated growth in private loans, which ensure acceptable return on and diversification of assets. However, such activity requires special attention needed for preventing delinquent loans from turning into risky ones.  

ArmInfo.

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.

ArmInfo. Armenian banks are reviving their credit policy after "resting on immigrants' laurels".  This must be done quickly and competently in order to maintain profit growth and avoid its serious decline.

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.

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. The profit growth rates of Armenian banks slowed down significantly amid the ongoing serious slowdown in lending to the economy. Thus, the net profit of Armenian  banks increased by 24.8% per annum inH1 2023 (against a 2.8-fold jump  in the same period in 2022), reaching 73.6 billion drams ($367.8  million), while slowing down strongly in quarterly growth from  3.4-fold to 5.2% alone.

ArmInfo.

ArmInfo.