Commercial banks in Armenia increased their net profit by 18.8% to 83 billion drams (approximately $200 million) for the first quarter of 2024.
According to the consulting company Modex, Ardshinbank became the leader in profit, earning 25.4 billion drams (over $62 million).
"Although all banks reported profits, the profit decreased for 7 out of 18 commercial banks compared to the same period last year," the statement said.
According to data from the Union of Banks of Armenia, the annual total capital of 18 commercial banks in Armenia increased by 13.5% in 2023 compared to the previous year, reaching 1.4 trillion drams ($3.5 billion).
The total assets of banks in 2023 increased by 9.5%, reaching 9.2 trillion drams ($23 billion).
