Commercial banks in Armenia earned $691 million in net profit during the first nine months of 2024, marking a 25% increase compared to the same period last year. Ardshinbank emerged as the leader, posting a profit of $214 million.
Consulting firm Modex published a report on the financial performance of Armenia’s commercial banks for January-September 2024. According to the data, the total net profit of the country's banking sector reached $691 million, surpassing last year's figures by 25%.
Ardshinbank recorded the highest profit among Armenian banks, earning approximately $214 million.
Ameriabank secured its position as the second most profitable commercial bank in Armenia, with a net profit of about $107.3 million in the first three quarters of 2024. In April of this year, 90% of the bank’s shares were acquired by the Bank of Georgia. Ameriabank's earnings for January-September 2024 were $19 million higher than the previous year.
Despite this impressive result, the bank still lags significantly behind market leader Ardshinbank, whose profit for the same period is nearly twice as high.
Notably, nearly all banks in the country ended the reporting period with positive financial results. However, three financial institutions — HSBC, Artsakhbank, and Byblos Bank — experienced a decline in net profits compared to the previous year.
