According to a study by the consulting center Modex, commercial banks in Armenia achieved a record net profit of $912 million in 2024, marking a 49% increase compared to the previous year.
The absolute leader in net profit for 2024 was Ardshinbank, which earned $333.4 million following its consolidation with HSBC Armenia. The significant growth in the bank’s performance is attributed to its acquisition of 100% of HSBC Armenia’s shares during 2024.
Ameriabank, part of the international financial group BOGG (Bank of Georgia Group PLC), ranked second with a net profit of $150.8 million. This represents a 30.4% increase compared to 2023, when its profit was $115.7 million.
Inecobank rounded out the top three, earning $73.4 million, an increase of 10.7% from $66.2 million in 2023.
The study showed that nearly all banks demonstrated positive dynamics. Notable growth was observed in Armeconombank (a 90% increase to $22.6 million) and Unibank (a 128% increase to $25.6 million).
Only two Armenian banks, ACBA and Byblos Bank, reported a slight decline in profit in 2024 compared to 2023. Meanwhile, two other banks, which had incurred losses in 2023, posted positive results in 2024. Armswissbank, after a $5.5 million loss in 2023, recorded a profit of $25.9 million in 2024.
A remarkable turnaround was seen in Artsakhbank, which moved from a loss of $60.5 million in 2023 to a profit of $8.4 million in 2024.
In the first nine months of 2024, Armenia’s banking sector exhibited substantial growth across all key indicators, according to data published by the Union of Banks of Armenia. The total capital of the banking system increased by approximately $670 million (17.6%), reaching $4.48 billion. Total assets rose by $2.47 billion (10.4%) to $26.14 billion.
The loan portfolio also experienced significant growth, increasing by $1.87 billion (14.5%) to $14.84 billion. Customer liabilities grew by $1.03 billion (7.2%), amounting to $15.24 billion.