ArmInfo. In Q1 2023, the banking system of Armenia increased tax contributions to the state  treasury by 8.3% per annum - up to 22.2 billion drams ($56.5 million). Of this amount, 85.2% or 18.9 billion drams were paid in direct taxes, with a y-o-y increase of 7.4%.  

ArmInfo.The net profit of Armenian banks increased in by 18.8% per annum Q1 2024  (after a 2.2-fold increase a year earlier), exceeding 83.1 billion drams ($211.4 million). It was possible to maintain the positive dynamics of net profit thanks to the acceleration of the y-o-y growth of the loan portfolio from 3.5% to 18.7%, ensuring a volume of 5.1 trillion drams ($13 billion), according to the data of the Express Ranking of Banks of Armenia on March 31, 2024, prepared by ArmInfo IC.  In Q1 2024 alone, the net profit of banks increased 5.6-fold, while a year earlier in the same period a meager quarterly growth of 1.5% was recorded, and in Q4 2023, the dynamics completely slipped to negative 35%.

ArmInfo. Armenia's Ministry of and Social Affairs has released a list of banks participating in a 10%  cashback programme for pensioners. 

ArmInfo. In the banking sector of Armenia, the volume of lending accelerated in growth in 2023 from 13%  to 21%, reaching 5.8 trillion drams ($14.2 billion). But this was not enough to save profits from the decline, which, after a 3-fold jump in 2022, decreased by 9.2% in 2023, amounting to 229.9 billion drams ($567.9 million). This is evidenced by the data of the Financial Rating of Banks of Armenia as of December 31, 2023, prepared by  ArmInfo. 

ArmInfo.Ardshinbank offers an exclusive promotion: "Make cashless purchases, get 10% cashback on your Ardshinbank card." This special offer is available only from March 25th to March 31^st included and is open to holders of all Ardshinbank cards except Meghu and ArCa Sas cards.

ArmInfo.Ria Money Transfer international money transfer service has recognized Ardshinbank as the Partner of the Year for achieving great results during 2023 and supporting Ria Money Transfer business growth.

ArmInfo. The HSBC group has been moving its capital and focusing on its preferred markets, as has been the policy in recent years. Only since 2021, as noted by the Chairman of the Union of Banks of Armenia (UBA) Daniel Azatyan during a press conference, the Group has withdrawn from 7 countries, including retail lending in France, the USA, Greece, etc.

ArmInfo. The likelihood of attracting a new international brand to the Armenian financial market  is quite low. Economist Haykaz Fanyan expressed a similar opinion on his Facebook page, commenting on the HSBC's withdrawal from Armenian market.

ArmInfo. S&P Global Ratings upgraded its long-term issuer credit rating on Ardshinbank CJSC to  'BB-' from 'B+' and revised the outlook on the rating to "stable". At the same time, we affirmed our 'B' short-term issuer credit rating on the bank. This is noted in a message from S&P Global Ratings.

ArmInfo. The decision to sell HSBC Armenia follows a strategic review, and aligns with the HSBC Group strategy to redeploy capital from less strategic or low-connectivity businesses into higher-growth opportunities globally. This is stated  in the official News Release of HSBC Armenia Bank regarding its sale  to the largest Armenian banking group, Ardshinbank CJSC.

ArmInfo. Ardshinbank, the largest Armenian banking group, is today announcing it has reached a binding agreement with HSBC Europe B.V., a subsidiary of HSBC Holdings plc, to acquire its fully owned banking subsidiary in Armenia. 

ArmInfo.There are currently no reasons for concern regarding the growth of consumer lending in Armenia. Deputy Governor at Central Bank of Armenia Armen Nurbekyan said, answering questions during a panel session at the economic forum organized by Amundi-ACBA Asset Management, the pension fund  management company.

ArmInfo.Ardshinbank CJSC has chosen OLYMPIC Banking System to support its securities and forex operations.

ArmInfo.The results of 2023 indicate that the real (export) economy has "lost" its position to non-export industries, which are experiencing a temporary boom under the influence of exogenous factors, Former head of the State Revenue Committee of Armenia Davit Ananyan wrote on his Facebook account, commenting on the "List of the 1000 largest taxpayers of the Republic of Armenia" recently published by the tax authority.

ArmInfo. In 2023, the banking system of Armenia doubled tax payments to the state treasury - up to AMD 123.5bln ($305 million), of which AMD 71.5bln were for direct taxes (with an annual increase of 39.7%).

ArmInfo.For the second year in a row, the Zangezur Copper- Molybdenum Combine (ZCMC) tops the  list of the largest taxpayers in Armenia. According to data from the State Revenue Committee, the company sent 70.8 billion drams to the state treasury in 2023 (with an y- o-y decline of 50.8%), of which 5.2 billion drams were for customs duties, 27.1 billion. drams - for direct taxes (including profit tax, income tax), 5.6 billion drams -  for indirect taxes (including VAT, excise tax).  

ArmInfo. The net profit of Armenian banks dropped by 9.2% in 2023 (after 3-fold increase  in 2022), amounting to 229.8 billion drams ($567.8 million) due to the deterioration of the y-o-y dynamics of non-interest income from a  4-fold increase to an almost 2-fold decline. Moreover, on a quarterly terms, profit began to decrease in Q3, then fell sharply down (-35%) in Q4, according to the data of the Express Ranking of Banks of Armenia as of December 31, 2023, prepared by ArmInfo IC.

ArmInfo.Mortgage loan debt per capita in Armenia for 9 months of 2023 amounted to $861 per person. The volume of the mortgage burden in the country is lower only than the indicators of Russia ($1397), ($1397), but significantly exceeds the indicators of Kazakhstan ($597), Belarus ($487), Azerbaijan ($198), Uzbekistan ($132) and Kyrgyzstan ($47).

ArmInfo. Since the introduction  of the 10% cashback program for pensioners and people receiving  benefits when paying with bank cards, from July 2022 to November  2023, Armenian pensioners have made non-cash purchases totaling 62  billion drams. Cashback amounted to 5.2 billion drams. Prime Minister  Nikol Pashinyan announced today at a meeting of the Cabinet of  Ministers.

ArmInfo. From December 25, 2023 to January 30 of the next year, borrowers with gold collateral can participate in the Ardshinbank raffle and win one of 100 gifts.