Civilnet
By Lia Avagyan
Collectively, Armenian banks posted a record $1.1 billion in profit last year. That’s according to interim financial reports filed by the banks and obtained this week by the local investigative outlet Hetq. Final audited financial statements for last year have not yet been made available, but typically, there are no major adjustments.
By far the largest bank was Ardshinbank, which reported $362 million in profit, representing about 3% year-over-year growth. Ardshinbank made headlines in 2024 when it acquired the Armenian branch of London-based banking giant HSBC, marking the end of Western banks’ presence in Armenia.
It was followed by Ameriabank, at $193 million in reported profit last year, 20% higher year-over-year. Ameriabank was also in the headlines in 2024, when it agreed to be acquired by London-based Lion Finance Group, which also owns the Bank of Georgia Group.
In terms of profit, ACBA Bank took third place, at $95 million, making for 26% growth compared to the year prior.
In 2024, Armenia’s banks together posted just under $923 million in profit. Armenia’s banking sector has grown rapidly since 2022, when Russia launched its full-scale invasion of Ukraine. After that, Armenia emerged as a key destination for Russian capital seeking foreign shelter, boosting Armenian banks’ balance sheets.
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