The profitability of banks on their capital in January-November last year was about 21 percent; this year we will have 17-18 percent. Armen Nurbekyan, Deputy Governor of the Central Bank of Armenia, stated this in an interview with the Public Television of Armenia.

"If we look at that profitability in 2014-2020, it was at the level of 5-7 percent. But if we compare [it] with the profitability of other industries, the 15-20 percent profitability on capital is not very high," he said.

When asked what this such a sharp increase in profitability gave to Armenia’s economy, Nurbekyan responded: "It gave a lot. We are living in very big uncertainties, and this has given stability to our banking system. That is the reason why we have not had a problem of financial stability after going through so many shocks since 2020."

As for non-cash operations in Armenia, Nurbekyan said that in 2023 the country recorded very significant increases in this regard and that this will continue.

"We will also have positive side effects because transparency in the [country’s] economy will increase considerably," added the deputy governor of the Central Bank of Armenia.