According to the Central Bank of Armenia (CBA) the profit of the 21 Armenian banks totaled 15bn AMD (about U.S. $40) in the 2nd quarter of 2010, with 3bn AMD (about U.S. $8m) paid as taxes.

The CBA reports that the banks’ incomes were mainly formed due to interest income. On the other hand, banks sustained considerable losses in terms of noninterest incomes (U.S. $40m). However, commercial banks’ reports show that, at least, none of the large banks registered losses in terms of noninterest incomes.