ArmInfo. Within days, Converse Bank's dram coupon bonds were bought in the primary market in the  amount of 5 billion drams. It is noteworthy that this tranche was put up for sale together with the dollar bonds on April 17, and within a week the dram bonds were fully distributed. This is noted in a message from Converse Bank.

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.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. On April 17, Converse Bank began the initial placement of dram and dollar bonds in the  amount of 5 billion drams and $10 million in 2024. This is noted in the Bank's statement.

ArmInfo.The Conversebank will present its Converse Leasing product at the annual Leasing Expo. As  noted in the message from Converse Bank, visitors to the bank's stand will get acquainted with proposals for business financing, receive high-quality advice and, if necessary, will be able to fill out an application for financing.

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.

ArmInfo.As of January 1, 2024, the total number of cards in the Armenian plastic market reached more than 3.722 million cards,  with a y-o-y growth of 17%. At the same time, micro- processing cards with an NFC chip have increased 3-fold over three years, including by 24% in 2023 (versus 45% in 2022), amounting to 2.6 million cards, with their dominance growing in the total number of cards to almost 70%, by data from the Central Bank of the Republic of Armenia.

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.Converse Bank has been awarded with the “Best Trade Finance Provider in Armenia” for 2024 award by the prestigious Global Finance magazine.

ArmInfo.Converse Bank announces on the completion of Euroterm CJSC corporate bonds allocation ahead of schedule. From 28.11.2023 to 12.01.2024, Converse Bank allocated bonds with total volume of AMD 500 million with a coupon rate of 12.5% and a maturity of 36 months.

ArmInfo. Converse Bank is the underwriter for corporate dram coupon bonds of the Euroterm company  in the amount of AMD 500mln, the public primary placement of which began on November 28. This is noted in the Bank's message, which states that the coupon yield is set at 12.5%, the maturity period is 36 months, and the frequency of coupon payments is provided once every six months. The bonds of this issue mature on November 28, 2026.

ArmInfo.

ArmInfo. In Armenia, Acba Bank and Converse Bank are starting to issue cards of the China UnionPay  system. Let us remind you that Acba Bank has been servicing China UnionPay cards since October 2019. ArmInfo was informed by Acba Bank and Converse Bank.

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. 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. The Converse Bank offers legal entities and private entrepreneurs to take advantage of  loan payment holiday as part of the Converse SME product.

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.