In July 2024, Armenia's banking sector continued to show positive growth. According to the latest data, the total loan portfolio increased by 1.1% compared to the previous month and by 19.5% compared to July of the previous year.
Since the beginning of the year, the growth has been 8.7%. The most significant increase in July was observed in the mortgage lending segment. Contrary to expectations, the trend of slowing growth in this sector unexpectedly reversed. Compared to July of last year, mortgage lending grew by 25.6%, and by 2.4% compared to the previous month.
In contrast, the consumer lending sector saw a slight slowdown in growth. In July, growth was 1.7% compared to the previous month and 21.6% year-on-year. These figures are notably lower than in June, which saw a sharp increase of 4.9% and 29.5%, respectively.
As for other loans, primarily business loans, their growth was more modest: 0.2% compared to the previous month and 15.9% year-on-year.
