Seventeen banks, head to head,
on the numbers their auditors signed.
This FY2025 review covers
the latest audited fiscal year of every Armenian commercial bank, drawn from their IFRS financial
statements alone. No investor decks, no press releases. Five years of history sit behind the growth rates.
First edition · Compiled by Haik Asatryan in 2026 and double-checked against each bank's
auditor-signed IFRS statements · All amounts in Armenian drams
FY2025 in five findings
A new number one. Ardshinbank overtook Ameriabank in total assets after absorbing HSBC Armenia's
business: AMD 2,670 bn against 2,335 bn. Together the
two hold 39% of the country's banking assets.
Profit is a two-bank race. Ardshinbank earned AMD 137.1 bn in
FY2025 and Ameriabank AMD 72.6 bn: 50% of what all
seventeen banks made between them.
The ROE podium. Ardshinbank (36.6%), Inecobank (26.1%)
and Ameriabank (24.5%) lead on return on equity; in FY2025, size and returns mostly
go together.
Efficiency splits the field. ArmSwiss spends 18 drams to earn 100 of core income;
Byblos spends 62. Everyone else sits between those poles.
The challengers set the pace. Fast Bank (assets +52.0%) and Evocabank
(+33.2%) grew fastest in FY2025; Ameriabank (+24.0%) is the only giant
keeping up.
Six awards, decided by formula
Every award is a fixed formula over the audited numbers. Definitions on page 11.
Bank of the Year
Ardshinbank
Best combined rank across return on equity, return on assets, cost-to-income and asset growth in FY2025. Runner-up: Inecobank.
Profitability Leader
Ardshinbank
Highest return on equity in FY2025: 36.6%.
Efficiency Champion
ArmSwiss
Lowest cost-to-income ratio in FY2025: 18.1%. Operating costs only: credit costs are shown separately as cost of risk.
Growth of the Year
Fast Bank
Fastest asset growth in FY2025: 52.0% (from a 2022 standing start). Runner-up: Evocabank (33.2%).
Five-Year Champion
Evocabank
Highest compound annual asset growth over the five years to FY2025: 31.5% per year. Fast Bank (2022 base) competes in Growth of the Year instead.
Depositors' Choice
Ameriabank
Largest increase in customer deposits in FY2025: AMD 240 bn. Fastest in percentage terms: Fast Bank (67.7%).
Armenian Banks 2025 · audited IFRS statements only2
Who holds the market
Total assets
AMD bn, end of FY2025
Customer deposits
AMD bn, end of FY2025
Loans to customers
AMD bn, net, end of FY2025
Total equity
AMD bn, end of FY2025
A photo finish mid-table: Armeconombank holds AMD 604.5 bn of
assets, Converse 604.3 bn. Mellat's tiny deposit book (AMD
8 bn) is deliberate; page 7 explains.
Armenian Banks 2025 · audited IFRS statements only3
Returns and efficiency
Net profit
AMD bn, FY2025
Return on equity
Net profit / average equity
Return on assets
Net profit / average assets
Cost-to-income
Operating costs / core income; lower is better
Core income = net interest income + net fee income + net trading and FX result. Operating costs =
staff + administrative + depreciation, and exclude credit costs, which are on the next page.
Ardshinbank's FY2024 comparator included a one-off AMD 29.4 bn
bargain-purchase gain from the HSBC Armenia acquisition; the FY2025 figures shown here contain no such item.
Armenian Banks 2025 · audited IFRS statements only4
What credit costs
Cost-to-income on the previous page counts staff, administration and depreciation. It does not
count the money set aside against loans that may not be repaid, which for a bank is the larger and faster
moving number. This page is that number.
Cost of risk
Impairment charge / average net loans, FY2025
Direction of travel
Change on FY2024, basis points; red is deterioration
What impairment ate
Impairment / pre-impairment pre-tax profit
How to read this page. Cost of risk is what a bank charged
against profit for expected credit losses, set against the loan book that produced them. It is the most
discretionary number in a bank's accounts, because the charge rests on management's own forward-looking
assumptions, so a low reading can mean careful underwriting, cautious lending, or a release of provisions
taken in an earlier year. Converse's negative reading is a release, which is also why it is absent from the third chart. Read the middle chart first: a single year's level says less than the
direction it is moving in. That split is why ArmSwiss can lead the country on cost-to-income at 18.1% and still rank 14 of 17 on return on equity: its operating costs are the lowest in the field, and its credit costs took 42% of pre-impairment profit.
Impairment charge as presented in each bank's profit or loss statement, over the average of
opening and closing net loans to customers. Gross loans, non-performing loan ratios and provision coverage are
note disclosures rather than primary-statement lines, so they are outside this dataset. These are the charges
the auditors signed, not a judgment on the loans behind them.
Armenian Banks 2025 · audited IFRS statements only5
Who is expanding
Asset growth
FY2025, year over year
Five-year pace
Compound annual asset growth to FY2025; Fast Bank from 2022
Deposit growth
Customer deposits, FY2025, year over year
Red marks contraction. Artsakhbank's five-year decline
reflects the 2023 conflict and relocation; VTB Armenia's dates to the 2022 sanctions shock, with a return
to growth in FY2025. Fast Bank has compounded from its 2022 launch, which is why its growth rates
dwarf the field.
Armenian Banks 2025 · audited IFRS statements only6
Margins and funding
Net interest margin
Net interest income / average assets
Loans to deposits
Net customer loans / customer deposits; Mellat's bar clipped for scale
Equity to assets
Total equity / total assets, end of FY2025
How to read this page. NIM here uses average total assets
as the denominator, a proxy: audited statements do not disclose average earning assets. A loans-to-deposits
ratio far above 100% signals wholesale or capital funding; far below it, unused lending capacity. Mellat is
the outlier by design. With AMD 8 bn of deposits against AMD 66 bn of equity, its lending
runs on shareholder capital: hence the top slots on loans-to-deposits and equity-to-assets, and the ROA lead
on page 4. VTB Armenia and Byblos also hold over a quarter of the balance sheet in equity.
Armenian Banks 2025 · audited IFRS statements only7
Every bank, every metric
FY2025 figures, ranked by total assets. AMD billions where monetary.
Ratio definitions on pages 4, 5 and 7.
Bank
Assets, AMD bn
Net profit, AMD bn
ROE
ROA
Cost/income
Cost of risk
NIM
Loans/deposits
Asset growth
Ardshinbank
2,670
137.1
36.6%
5.5%
25.8%
0.33%
5.6%
87%
16.1%
Ameriabank
2,335
72.6
24.5%
3.4%
44.5%
0.26%
5.7%
123%
24.0%
ACBA
1,063
35.9
20.0%
3.6%
43.2%
0.73%
6.7%
102%
14.0%
AMIO
935
15.4
9.3%
1.7%
51.2%
0.54%
2.5%
105%
6.2%
Inecobank
919
29.6
26.1%
3.5%
36.6%
0.28%
5.6%
92%
18.5%
Evocabank
736
21.4
22.6%
3.3%
41.7%
0.09%
3.6%
83%
33.2%
Armeconombank
604
12.6
15.1%
2.2%
53.6%
0.41%
4.0%
192%
14.6%
Converse
604
16.7
17.1%
2.8%
51.7%
-0.05%
5.0%
87%
4.9%
ID Bank
513
17.7
22.2%
3.8%
45.0%
1.15%
5.5%
104%
21.3%
ArmSwiss
473
9.1
11.0%
1.9%
18.1%
3.68%
3.7%
121%
1.1%
Araratbank
423
11.7
15.8%
2.8%
45.3%
1.26%
5.6%
84%
0.9%
Fast Bank
422
7.9
10.3%
2.3%
58.8%
0.43%
6.7%
132%
52.0%
Unibank
394
9.8
20.8%
2.7%
61.8%
0.41%
5.5%
98%
17.0%
VTB Armenia
258
8.1
12.7%
3.3%
48.8%
2.44%
7.7%
97%
9.2%
Artsakhbank
183
4.1
11.8%
2.3%
41.9%
0.07%
4.1%
39%
9.1%
Byblos
135
1.4
4.0%
1.1%
62.4%
0.27%
3.9%
84%
5.1%
Mellat
128
6.9
11.1%
5.6%
19.4%
0.75%
7.6%
591%
7.3%
All seventeen banks turned a profit in FY2025, though the spread is
a factor of 98: Ardshinbank's AMD 137.1 bn against
Byblos's 1.4 bn. Fast Bank's 52.0% growth compounds from its
2022 launch; Mellat's 591% loans-to-deposits is capital funding at work (page 7).
Armenian Banks 2025 · audited IFRS statements only8
Bank profiles (1 of 2)
FY2025 figures; monetary values in AMD bn. The sparkline traces total assets over the five years to end-FY2025. Ordered by assets.
Ardshinbank
Assets2,670
Profit137.1
Deposits1,678
ROE36.6%
ROA5.5%
NIM5.6%
Cost/income25.8%
Loans/dep87%
Growth, yoy16.1%
Five-year asset CAGR 27.5%
Ameriabank
Assets2,335
Profit72.6
Deposits1,362
ROE24.5%
ROA3.4%
NIM5.7%
Cost/income44.5%
Loans/dep123%
Growth, yoy24.0%
Five-year asset CAGR 20.8%
ACBA
Assets1,063
Profit35.9
Deposits619
ROE20.0%
ROA3.6%
NIM6.7%
Cost/income43.2%
Loans/dep102%
Growth, yoy14.0%
Five-year asset CAGR 18.1%
AMIO
Assets935
Profit15.4
Deposits519
ROE9.3%
ROA1.7%
NIM2.5%
Cost/income51.2%
Loans/dep105%
Growth, yoy6.2%
Five-year asset CAGR 3.2%
Inecobank
Assets919
Profit29.6
Deposits560
ROE26.1%
ROA3.5%
NIM5.6%
Cost/income36.6%
Loans/dep92%
Growth, yoy18.5%
Five-year asset CAGR 21.2%
Evocabank
Assets736
Profit21.4
Deposits434
ROE22.6%
ROA3.3%
NIM3.6%
Cost/income41.7%
Loans/dep83%
Growth, yoy33.2%
Five-year asset CAGR 31.5%
Armeconombank
Assets604
Profit12.6
Deposits209
ROE15.1%
ROA2.2%
NIM4.0%
Cost/income53.6%
Loans/dep192%
Growth, yoy14.6%
Five-year asset CAGR 13.8%
Converse
Assets604
Profit16.7
Deposits393
ROE17.1%
ROA2.8%
NIM5.0%
Cost/income51.7%
Loans/dep87%
Growth, yoy4.9%
Five-year asset CAGR 12.5%
ID Bank
Assets513
Profit17.7
Deposits260
ROE22.2%
ROA3.8%
NIM5.5%
Cost/income45.0%
Loans/dep104%
Growth, yoy21.3%
Five-year asset CAGR 27.1%
Armenian Banks 2025 · audited IFRS statements only9
Bank profiles (2 of 2)
FY2025 figures; monetary values in AMD bn. The sparkline traces total assets over the five years to end-FY2025. Ordered by assets.
ArmSwiss
Assets473
Profit9.1
Deposits182
ROE11.0%
ROA1.9%
NIM3.7%
Cost/income18.1%
Loans/dep121%
Growth, yoy1.1%
Five-year asset CAGR 4.4%
Araratbank
Assets423
Profit11.7
Deposits280
ROE15.8%
ROA2.8%
NIM5.6%
Cost/income45.3%
Loans/dep84%
Growth, yoy0.9%
Five-year asset CAGR 12.1%
Fast Bank
Assets422
Profit7.9
Deposits248
ROE10.3%
ROA2.3%
NIM6.7%
Cost/income58.8%
Loans/dep132%
Growth, yoy52.0%
Asset CAGR 83.4% since the 2022 launch
Unibank
Assets394
Profit9.8
Deposits271
ROE20.8%
ROA2.7%
NIM5.5%
Cost/income61.8%
Loans/dep98%
Growth, yoy17.0%
Five-year asset CAGR 11.7%
VTB Armenia
Assets258
Profit8.1
Deposits170
ROE12.7%
ROA3.3%
NIM7.7%
Cost/income48.8%
Loans/dep97%
Growth, yoy9.2%
Five-year asset CAGR -8.1%
Artsakhbank
Assets183
Profit4.1
Deposits67
ROE11.8%
ROA2.3%
NIM4.1%
Cost/income41.9%
Loans/dep39%
Growth, yoy9.1%
Five-year asset CAGR -1.8%
Byblos
Assets135
Profit1.4
Deposits86
ROE4.0%
ROA1.1%
NIM3.9%
Cost/income62.4%
Loans/dep84%
Growth, yoy5.1%
Five-year asset CAGR 7.5%
Mellat
Assets128
Profit6.9
Deposits8
ROE11.1%
ROA5.6%
NIM7.6%
Cost/income19.4%
Loans/dep591%
Growth, yoy7.3%
Five-year asset CAGR 11.4%
Armenian Banks 2025 · audited IFRS statements only10
Where every number comes from
Source. Each figure is taken from that bank's auditor-signed IFRS financial statements for that year,
current-year column, in AMD. No investor presentations, no press releases. Full provenance per bank-year
(auditor, scope, link to the statements) is in data/sources.csv; the raw long-format dataset is
data/raw.csv. Both are published openly, so every figure on these pages can be traced back to the
page of the report it came from.
Verification. Every collected value was independently checked a second time against the source PDFs;
accounting identities (assets = liabilities + equity; net profit = pre-tax profit less tax; net interest income =
interest income less expense) hold for all 84 bank-years.
Consolidation. Consolidated statements are used where they exist (Ardshinbank, ACBA, Ameriabank from 2023,
Converse 2021-2023); otherwise the bank's own statements. ID Bank is presented bank-only: Idram is a 24% associate,
already reflected in the bank's P&L through the equity method.
Restatements. Figures reflect what each year's own report said. Material later restatements are footnoted,
not silently substituted: AMIO's 2025 report restated 2024 (error correction of AMD 23.6 bn against equity);
Araratbank's 2022 report restated 2021 profit from 0.05 bn to 2.26 bn; Unibank's 2025 report restated its
2024 figures.
One-offs. Ardshinbank's 2024 result includes an AMD 29.4 bn bargain-purchase gain (HSBC Armenia deal).
Artsakhbank's 2023 loss (AMD 26.1 bn) reflects war-related credit concessions, not operating performance.
Special cases. Fast Bank was licensed in 2022 (no 2021 data; growth measured from 2022).
AMIO figures for 2021-2022 are the same legal entity under its former name, Armbusinessbank.
VTB Armenia's 2021 figures come from the auditor-signed condensed statements (ISA 810).
Awards. Bank of the Year is the mean of each bank's rank on four FY2025 metrics: ROE, ROA,
cost-to-income (inverted) and asset growth; rank ties break by higher ROE. Depositors' Choice is the largest
year-over-year increase in customer deposits, in drams. The other four each read a single ranking, with one
eligibility rule: Five-Year Champion requires a full five-year history, which parks Fast Bank (licensed 2022)
in Growth of the Year. Every formula is printed here, so the choice of metrics can be argued with rather than
guessed at. That choice is a real one: ranking four metrics equally puts profitability at about half the
composite, because ROE and ROA move together, and it treats asset growth as a virtue when in banking it can
just as easily be a warning.
What is not here. Non-performing loan ratios, provision coverage and liquidity ratios (LCR, NSFR)
live in the notes and in regulatory returns rather than the primary statements, so they fall outside the
collection rule this dataset follows. Cost of risk is therefore measured against average net loans rather than
gross, and where a bank's impairment line also covers assets outside the loan book, the ratio runs slightly
high.
Compiled in 2026 from reports published by 17 banks. HSBC Armenia is excluded (market exit completed 2024;
its business is inside Ardshinbank's 2024-25 figures). Capital adequacy ratios exist in the dataset but are
disclosed in unaudited notes and skipped here. This review is independent and unaffiliated with any bank, the
Central Bank of Armenia, or any regulator, and is not investment advice.