17 commercial banks operating in Armenia received net profit of AMD 256.2 billion in 2022, which tripled compared to the previous year. Hetq.am wrote about it referring to the financial report of the banks.

Ardshinbank leads with profit of AMD 62 billion, which increased almost five times comparing to 2021. Ameriabank ranks next with profit of more than AMD 44 million, growing twice. Evocabank ranks third with the profit of AMD 26 billion. The mentioned bank is one of the record-breakers in terms of profit growth. Last year it made only AMD 1.1bln of profit. Only VTB- Armenia Bank finished the year with a loss.

As well as the double-digit economic growth registered in Armenia, this record indicator of the banking profit is also conditioned by the services rendered to non-residents.

After the Russian-Ukrainian war that began in February 2022, a large number of Russians arrived in Armenia, some of whom remain here to this day. As a result, turnover has increased in some sectors. This is especially evident in the case of banks.

During 2022 Armenian banks also increased the cost of their services, in particular, in the sphere of international money transfers. The banks explained the increase in transfer fees by the risk that Russians could use Armenian banks to launder money against the background of Western sanctions. However, these services have also become more expensive for Armenian citizens.

In 11 months of 2022, the turnover in the financial-insurance sector amounted to 707 billion drams, having increased by 49.8% over the same period last year," the portal notes.