UBA head sees no reason to raise tax burden on Armenia's banking sector

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YEREVAN, November 8. /ARKA/. Daniel Azatyan, Chairman of the Union of Banks of Armenia, sees no reason to raise the tax burden on the country's banking sector, considering the growth in its profits./pp

There is no such experience in the world, and if there are one or two examples, the goals are entirely different. If the state considers that the banking system's profit is high, a comparison is needed – high compared to what? If we compare it to previous years – yes, it's good that it is high, and we welcome that, as we are just reaching international standards. We see no reason for this, he said the day before on the sidelines of the banking forum Regional Challenges and Opportunities in Cooperation with European Banks./pp

At the same time, Azatyan emphasized that an increase in the profitability of the banking system leads to higher profit taxes./pp

According to the UBA, the banking system's net profit for the first nine months of 2024 stood at $682 million, compared to $171 million in 2021, $581 million in 2022, and $586 million in 2023. Forecasts predict that the banking sector's profit for 2024 could reach $900 million, and $1 billion by 2025. -0-/p