Armenian banks' net profit in the first three months of 2023 surged to AMD 70 bln ($181 million) from AMD 32.5 bln ($84 million) in the same time span of 2022, having increased by 115%, according to ARKA news agency's ranking. All 18 banks posted net profit.
The top five banks by size of net profit were Ardshinbank, Ameriabank, Inecobank, ACBA Bank and Converse Bank. These five banks accounted for 64% of all net profits of the banks.
Ardshinbank’s net profit amounted to AMD 16.7 bln ($43 million) versus AMD 4.6 bln ($12 million) in the same period of 2022 (262.3% growth).
Ameriabank ranked second with net profit of 11.3 bln drams ($29 mln) against 7.5 bln drams ($19.3 mln) in the 1st quarter of 2022 (50.8% growth).
Inecobank was third, with a profit of 6.8 billion drams ($17.5 mln) in the first quarter of 2023 against 3.2 billion drams ($8.3 mln) in the same period of 2022 (114% growth).
The fourth line of the ranking was taken by ACBA Bank with the net profit of 4.9 bln. drams ($12.6 mln) against 3 bln. drams or $7.7 mln (62.8% growth).
Converse Bank was fifth. The bank's net profit amounted to 4.8 bln drams ($12.4 mln) against 1.3 bln drams ($3.4 mln) in January-March 2022 (284% growth), ARKA reports.
