News - Union of Banks of Armenia: Profit of country's banking system amounted to around $568.5M in 2023

The banking system of Armenia has secured a profit of about 230 billion drams (approx. US$568.5 million) in 2023. Daniel Azatyan, Chairman of the Union of Banks of Armenia, announced this during a press conference on Tuesday. It is about 9.2 percent less than in 2022. The low growth occurred in the fourth quarter of 2023 due to the tragic events in Nagorno-Karabakh. Azatyan added that the ROE—capital and profit ratio—indicator of Armenia in 2023 was 14 percent, and the total assets increased by 9 trillion 1 billion drams (9.5 percent). He informed that the total liabilities of Armenia’s banks amounted to 7 trillion 707 billion drams last year, and the increase compared to 2022 was 8.7 percent. "[Bank] deposits increased by 11 percent. The total amount was 5.6 trillion drams. The share of money and foreign currency deposits is equal. In 2023, 9.9 million bank accounts were registered in Armenia, which is 1.4 million—or 18 percent—more than in 2022. The number of [bank] customers is 4.5 million; this number is related to the fact that one person can have more than one account in a bank. Four hundred million transactions were carried out with [bank] cards, doubling compared to 2022. Twenty four million transactions were carried out outside the borders of Armenia; the increase—61 percent. In [Armenian national currency, the] dram terms, a transaction of 6.6 trillion drams was carried out; the increase—40 percent. The number of transactions outside Armenia amounted to 705 trillion; the increase—50 percent," stressed Daniel Azatyan. The chairman of the Union of Banks of Armenia connected the increase of these indicators with the active transition to non-cash means of calculations.