As of 31 December 2017, there are 17 commercial banks operating in Armenia. This includes: [2]
| Rank | Name | Founded | HQ | # branches | # employees | Assets Dec 2017 million AMD | Assets Dec 2017 million USD | SWIFT |
|---|---|---|---|---|---|---|---|---|
| 1 | "Ameriabank" CJSC [3] | 1910 | Yerevan | 14 | 695 | 677,722 | 1,400 | ARMIAM22 |
| 2 | "AMIO BANK" CJSC [4] | 1991 | Yerevan | 53 | 898 | 574,944 | 1,188 | ARMNAM22 |
| 3 | "Ardshinbank" CJSC [5] | 2003 | Yerevan | 64 | 1,154 | 568,273 | 1,174 | ASHBAM22 |
| 4 | "Acba bank" OJSC [6] | 1996 | Yerevan | 58 | 1,348 | 311,023 | 642 | AGCAAM22 |
| 5 | "Inecobank" CJSC [7] | 1996 | Yerevan | 26 | 950 | 277,842 | 574 | INJSAM22 |
| 6 | "Converse Bank Corp" [8] | 1993 | Yerevan | 31 | 710 | 252,736 | 522 | COVBAM22 |
| 7 | "VTB Bank Armenia" CJSC [9] | 1993 | Yerevan | 67 | 1,201 | 216,060 | 446 | ARMJAM22 |
| 8 | "ARARATBANK" OJSC [10] | 2004 | Yerevan | 61 | 884 | 212,602 | 439 | ARMCAM22 |
| 9 | "HSBC Bank Armenia" CJSC [11] | 1996 | Yerevan | 7 | 414 | 208,649 | 431 | MIDLAM22 |
| 10 | "UniBank" OJSC [12] | 2001 | Yerevan | 45 | 785 | 203,221 | 420 | UNIJAM22 |
| 11 | "ARMECONOMBANK" OJSC [13] | 1991 | Yerevan | 50 | 872 | 190,803 | 394 | ARECAM22 |
| 12 | "ArmSwissBank" CJSC [14] (not retail banking) | 2004 | Yerevan | 1 | 110 | 162,020 | 335 | ARSJAM22 |
| 13 | "ArtsakhBank" CJSC [15] | 1996 | Yerevan | 23 | 492 | 137,339 | 284 | ARTSAM22 |
| 14 | "ID Bank" CJSC [16] | 1990 | Yerevan | 14 | 405 | 131,931 | 273 | ANIKAM22 |
| 15 | "EVOCABANK" CJSC [17] | 1990 | Yerevan | 11 | 254 | 105,532 | 218 | PRMLAM22 |
| 16 | "Byblos Bank Armenia" CJSC [18] | 1992 | Yerevan | 2 | 80 | 85,120 | 176 | AEIEUS33 |
| 17 | "Mellat Bank" CJSC [19] | 1995 | Yerevan | 1 | 51 | 46,266 | 96 | BKMTAM22 |
| - | Summary | - | - | 525 | 11,175 | 4,362,083 | 9,010 | - |
Armenia-based commercial banks earned a total of 20.1 billion drams in net profit in the first quarter of 2018, up from 10.7 billion drams they had earned in the same period last year. The growth was 87.2%. All 17 banks closed the first quarter with a profit. The top five banks in terms of net profit growth were Artsakhbank, Ameriabank, Ardshinbank, Acba bank and Inecobank. [20]
Ameriabank was leading by size of assets by the end of 2017. The top five largest banks in terms of assets were Ameriabank, Armbusinessbank, Ardshinbank, Acba bank and Inecobank, which accounted for 55.8% of all assets. [21]
Out of 17 banks 15 were profitable in 2017. The top five banks by size of net profit were Ameriabank, Inecobank, Ardshinbank, Acba bank and IDBank. Ameriabank was the most profitable bank posting a total of 7.6 billion drams of net profit, an increase of 23.89% over the previous year. [22]
According to data from first 3 quarters of 2017 the five leading banks in terms of mortgage portfolios are Ardshinbank, Converse Bank, Ameriabank, Araratbank and HSBC Bank Armenia, which account for 53.2% of the total mortgage lending. [23]
Fitch Ratings’ bank sector outlook for Armenia in 2018 remains stable. [24]
Below is a list of regional and international banks which have operations in Armenia:
The economy of Armenia grew by 12.6% in 2022, according to the country's Statistical Committee and the International Monetary Fund. Total output amounted to 8.5 trillion Armenian drams, or $19.5 billion. At the same time, Armenia's foreign trade turnover significantly accelerated in growth from 17.7% in 2021 to 68.6% in 2022. GDP contracted sharply in 2020 by 7.2%, mainly due to the COVID-19 recession and the war against Azerbaijan. In contrast it grew by 7.6 per cent in 2019, the largest recorded growth since 2007, while between 2012 and 2018 GDP grew 40.7%, and key banking indicators like assets and credit exposures almost doubled.
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