"Fact" daily writes:
in 2024 During the nine months, the total net profit of banks operating in Armenia amounted to 268 billion AMD, which is 53 billion AMD or 25 percent more than in 2023. the result recorded in the same period. According to the conviction of many experts, this result is mainly due to the influence of certain external factors, including the Ukrainian conflict.
At the same time, economists warn that when the same external factors are neutralized, it can have serious consequences for the entire banking system.
The Chairman of the Chamber of Auditors, Nairi Sargsyan, says that in recent years, credit interest rates, exchange rate differences, commissions resulting from transfers from abroad have had a significant impact. it is in real danger.For example, there are transfers from Russia, from these transfers to third countries in the future, in some cases even up to 10 percent commissions are charged. Assuming that they are missing in their share of profits, they will naturally have significant problems. The next problem, which is both related to external factors and due to internal factors, is the loan interest rates.
To what extent is it related to external factors, because in the background of the Russo-Ukrainian war, there was a significant boom in the real estate market in Armenia, that is, our compatriots were making housing purchases, construction increased significantly has a significant reduction and slowing trend.
They will have a very strong impact on the profitability of banks, up to difficulties in servicing loans in the construction sector that is just starting, under construction, and therefore already uncollectible by banks, difficulties in distributed loans, mortgage loans, because people either slow down or refuse to use mortgages anymore. from loans.
Only consumer loans will remain, on which banks can never survive, it is the sphere and field of activity of more credit organizations. If the neutralization of external factors continues in this way, banks predict that they may face serious difficulties," he says. our interlocutor.
And how are the profits of banks reflected in the economy, or do they "take home" so to speak?
"The owners of the banks decide and are free in their decisions, for example, whether to invest the profit in the Republic of Armenia or not. In most cases, they invest again in the form of loans, that is, there is no distribution of the profit, and it goes to another sector of the economy. , but in the banking sector, the profit is invested in the form of loans, it goes to the market in the form of a loan.
Therefore, there is no significant investment from banks' profits and no increase in capital expenditure in Armenia, and there is no significant economic stimulus," concludes Nairi Sargsyan. Economist Suren Parsyan also reminds that after the Russian-Ukrainian conflict, Armenia became a target of Russian sanctions. bypass country.
"The Armenian banking system also took part in this, and payments, cash withdrawals, and transfers of money abroad were carried out through Armenian banks. They set quite high rates for opening bank accounts of Russians and non-residents. Even in the case of deposits, they were given a lower rate than Armenians.
Only because of this, a number of banks in Armenia were able to get quite large profits, they had the opportunity to collect cheap money and provide it in the form of expensive loans to the business and the public.
Armenian banks generated an average of 250 billion drams in net profit in three years, as in the previous seven years," said the economist in a conversation with "Fact". At the same time, Parsyan notes that their dynamic growth, which we cannot say about the taxes they pay;
"We need to discuss the mechanisms of additional taxation of the banking system. For years, the banking system has been generating large profits, but they have been treating the banking system quite leniently, which is not right for the general economy and is not justified from the point of view of the state budget policy." .
We refrain from mentioning the names of specific banks, considering that the problem concerns the whole system, but this topic will remain in our focus in the future, including on the basis of private examples.