Banks of Armenia

Main article: Economy of Armenia

History

2024: Profit growth by 60.9% to AMD 363.1 billion

On January 28, 2025, the ARKA agency announced an increase in the net profit of the banking system Armenia by 60.9% to 363.1 billion drams in 2024, while all 17 operating banks of the country ended the year with a positive result.

According to Armbanks, 15 banks' profits increased by 80.5%, and only three credit institutions decreased by 0.7%. The five largest banks provided 73% of the total profit of the banking sector, which is 266.1 billion drams.

Ardshinbank retained its leading position, increasing profits by 117.2% to 132.7 billion drams compared to 61.1 billion drams in 2023. The second place was taken by Ameriabank, which increased profit by 30.4% to 60 billion drams against 46.1 billion drams a year earlier.

Inekobank took the third position with profit growth of 10.8% to 29.2 billion drams. AKBA Bank is in fourth place, the indicator of which decreased by 0.1% to 28.4 billion drams. IDBank closes the top five with a profit of 15.8 billion drams, showing an increase of 0.2%.

The ranking is based on the data of the "Banks of Armenia" bulletin of the "ARKA" agency, which uses the reports of credit institutions according to international financial reporting standards (IFRS). The indicators demonstrate a significant strengthening of the position of the banking sector of Armenia in 2024.

The improvement in the financial performance of most banks indicates an increase in the efficiency of their activities and an increase in business activity in the country. Credit institutions have demonstrated the ability to adapt to changing economic conditions and increase their results.

Armenian banks also showed significant progress in the development of digital services and the expansion of the range of services provided, which allowed them to increase efficiency and improve the quality of customer service.^[1]

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