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Total Net Profit of RA Commercial Banks Increased By 59% Per Year to

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  • Total Net Profit of RA Commercial Banks Increased By 59% Per Year to

    TOTAL NET PROFIT OF RA COMMERCIAL BANKS INCREASED BY 59% PER YEAR TO
    $19.6 MLN UPON RESULTS OF FIRST SIXTH MONTHS, 2006

    Yerevan, August 1. ArmInfo. The total net profit of RA commercial
    banks increased by 59.1% per year and about 6 times for the last four
    years and, upon results of the first sixth months, 2006, made up 8.2
    bln drams or $19.6 mln.

    Upon results of the first sixth months, 2006, the total common revenue
    of commercial banks made up 40.3 bln drams ($96.2 mln) and the costs
    - 30.2 bln drams ($72.2 mln), as a result of which a balance income
    was provided at the rate of 10.0 bln drams ($23.9 mln). The total
    revenue increased by 9.6% per year and the costs reduced by 0.02%. By
    the volume of total revenue and total costs for the reporting period,
    Ardshininvestbank is the leader - 7.1 bln drams ($16.9 mln) and 5.7
    bln drams ($13.6 mln), while HSBC Bank of Armenia is the leader by
    the balance sheet profit - 1.8 bln drams ($4.3 mln).

    According to the ranking of RA commercial banks, prepared by ArmInfo
    Agency of Rating and Marketing Information, 20 banks have worked out
    of 21 normally functioning banks, in the first sixth months, 2006.
    Thus, HSBC takes the first place by the net profit volume - 1.5 bln
    drams ($3.5 mln), then Ardshininvestbank comes - 1.1 bln drams ($2.5
    mln), the Converse Bank - 955.3 mln drams ($2.3 mln), the ACBA Bank -
    702.4 mln drams ($1.7 mln) an the UniBank - 619.3 mln drams ($1.5 mln).

    Upon results of the first sixth months, 2006, only one bank, ITB, had
    worked at a loss (18.4 mln drams or $43.9 thsd. ). Upon results of the
    first sixth months, 2005, the total net profit of commercial banks
    made up 5.2 bln drams. The leaders are the HSBC, Ardshininvestbank
    and the Converse Bank.
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