Armenian commercial banks reported net profits of $442 million in the first half of 2024, marking a 21% increase compared to the same period last year. This was reported by the consulting firm Modex.
The highest profit was recorded by Ardshinbank, which earned 50 billion drams (over $128 million), an increase of $45 million from the same period last year.
Ameriabank secured the second position with a profit of 27.3 billion drams (over $70 million). In April this year, 90% of the bank's shares were acquired by the Bank of Georgia. Ameriabank's profit in the first half of the year was $14.6 million higher than the previous year.
Inecobank ranks third with a profit of 15.4 billion drams (over $39.5 million), an increase of $6.6 million from last year.
According to the study, all banks operated profitably. However, four banks, including Armeconombank, HSBC, Artsakhbank, and Byblos Bank, reported a decline in net profits.
