Armenian Banking System’s Profit AMD 12bln In 2005

ARMENIAN BANKING SYSTEM’S PROFIT AMD 12BLN IN 2005

ARKA News Agency, Armenia
June 12 2006

Yerevan, June 12. /ARKA/. In 2005, the profit of Armenia’s banking
system totaled AMD 12bln, Vice-Chairman of the Central Bank of Armenia
(CBA) Artur Javadyan stated at an annual meeting of Armeconombank.

He reported that 3% ROA and 15% ROE were recorded during the period
under review.

Javadyan also said that a 21% indrease in the banking system’s assets
with a a simultaneous 17% increase in GDP was recorded, which, in turn,
increased the financial mediation of Armenia’s banking system.

“These are the highest indices among developing countries,” Javadyan
said.

According to the CBA’s latest information, 21 banks were operating
in Armenia on April 1, 2006. In the 1st quarter of 2006, the banks’
total capital increased by AMD 4,491.9mln or by 4.7% and amounted
to AMD 99,252.6mln on March 31, 2006. The total assets of Armenia’s
banking system amounted to AMD 466,152.3mln – an AMD 25,478.2mln
or 5.78% increase during the 1st quarter of 2006. Credits issued to
residents by Armenia’s banking system, including deposits, factoring
and leasing, amounted to AMD 201,541.7mln – an AMD 12,950mln or 6.9%
increase in the 1st quarter of 2006.

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