We are presenting to your attention the summary of the results of the Armenian banking sector for 1Q-2025, prepared and published exclusively on Banks.am by a specialized consulting company RUMELS Management Solutions.

Ruben Melikyan has more than 23 years’ experience as a successful c-level executive (CEO/CFO), with a successful track record leading diverse management teams in different areas like audit, micro-finance, retail, FMCG and banking. Ruben Melikyan is an ACCA member; he graduated from Oxford University (EMBA) and received a Certificate on “Advanced Corporate Valuation” from NYU.

The purpose of this study is to analyze the main financial indicators of the Armenian banking system in 1Q-2025.

Net Profit

The total net profit of all Armenian banks during 1Q-2025 is equal to 100,6 bln AMD, which is by 17,5 bln AMD, or by 21% more than it was recorded in 1Q-2024.

The largest profit was recorded by Ardshinbank, amounting to 35,7 bln AMD. The bank has also the largest total assets.

In 2024, Ardshinbank acquired 100% of the shares of HSBC Bank Armenia. The bank was renamed Ardshininvestbank․ Thus, the consolidated financial statements of Ardshinbank were used in the analysis.

All banks registered a profit during the mentioned period.

Total loan portfolio

The total loan portfolio of the banking sector during 1Q-2025 increased by 4,1%.

As of 31.03.2025, the total loan portfolio amounted to 6,533 bln AMD and its share in total assets is 58%.

The mentioned total loan portfolio includes retail and corporate loan portfolios.

The market share of 5 largest banks (Ameriabank, Ardshinbank, Acba bank, Amio bank and Inecobank) by total loan portfolio is 64%.

Ameriabank has the largest market share - 20,3%.

Bonds

During 1Q-2025, the total balance of bonds issued by Armenian banks decreased by 56 bln AMD, or 11%.

As of 31.03.2025, the total balance of issued bonds amounted to 452 bln AMD.

13 out of 18 banks issued bonds.

Total Equity

During 1Q-2025, the total equity of the Armenian banking sector increased by 123 bln AMD, or 6,9% and amounted to 1.889 bln AMD. This increase is mainly due to generated profit in 1Q-2025, amounting to 100,6 bln AMD and the increase of share capital of Amio bank, amounting to 20 bln AMD.

The comprehensive analyses of the RA banking system’s results for 1Q-2025 and previous periods are available at the following link․