The banking system of Armenia operated profitably in 2024, Chairman of the Union of Banks of Armenia Daniel Azatyan stated at a press conference on February 25 while presenting statistical data.
According to Azatyan, the total assets of Armenia’s 18 banks (two of which, Ardshinbank and Ardshininvest, temporarily operate as a single entity) amounted to 11 trillion drams at the end of 2024. Moreover, loans and deposits were nearly equal in volume - about 6.4 trillion drams each.
In 2024, the capital of banks operating in Armenia grew by approximately 24–25 percent in key indicators. The total capital of banks increased by about 20 percent, or 300 billion drams, during 2024, reaching 1.8 trillion drams.
It was also noted that the banks’ loan portfolio expanded by approximately 1.2 trillion drams during the reporting period, reaching 6.4 trillion drams. Joint liabilities grew by 1.5 trillion drams, while deposits increased by 780 billion drams, totaling 6.4 trillion drams.
Of the 6.4 trillion drams in loans provided in 2024, 22.8 percent were consumer loans, while 22.4 percent (1.4 trillion drams) were mortgage loans. Overall, around 45 percent of the banks’ loan portfolio consisted of consumer and mortgage loans issued to individuals. Meanwhile, 44 percent of loans were allocated to legal entities and agricultural and other loans comprised 5 percent. The remaining 6 percent were loans provided between financial institutions.
According to the Chairman of the Union of Banks of Armenia, the growth of consumer loans is driven by rising incomes. As for the increase in mortgage loans, he linked it to the restrictions on the income tax refund system in Yerevan.
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