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.