YEREVAN, MAY 19, ARMENPRESS. As of Q1 2021 the Armenian banking system has ensured 19,4 billion drams in profit, according to the Union of Banks of Armenia Executive Director Seyran Sargsyan.

He noted, however, that the figure dropped 16,9% compared to 2020’s same period.

Total deposits in Armenian banks grew 4,9% in the reporting period.

Speaking about the volumes of deposits in 2020, he said: “The maximum volume was recorded in August, while after the war started, in September – November, a decrease in not large percentage was recorded, and then at yearend when the war was over these deposits again returned to the banks.”

According to him, the size of deposits of foreign citizens is big in the decrease volume.

“In Q1, resident deposits grew 119 billion drams or 4,4%, while compared to 2020’s same period by 9,9%. The picture is somewhat different among non-residents – in 2021 Q1 their deposits dropped over 126 billion drams, and compared to March 31, 2020 by 81 billion drams.”