Awards for Excellence 2023: Best bank in Armenia – Ardshinbank
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AwardsAwards for Excellence

Awards for Excellence 2023: Best bank in Armenia – Ardshinbank



Geopolitical tensions in the region have provided a welcome boost to Armenian banks’ profitability. Ardshinbank stood out during the awards period for making the most of this opportunity under the leadership of chairman of the management board Artak Ananyan. Profit before tax more than quadrupled in 2022, from Dram16 billion ($42 million) to Dram77 billion.

The main driver for this was the remittance business. Remittances brought in Dram16.7 billion, compared with Dram1.75 billion in 2021, driven in large part by Russians relocating to the country, which drove an increase in the bank’s customer base of 30% over the year. As well as remittances, the bank’s brokerage and custodian services also saw strong growth.

The bank launched a number of innovations over the year, establishing a small and medium-sized enterprise business, private-banking and investment-banking directorates in the review period.

It also continued to expand its branch network, joined Apple Pay and Google Pay, and started issuing premium digital cards.

The bank has worked to promote the use of alternative energy sources, making the most of Armenia’s topography. Ardshinbank was one of the first banks to start financing the construction of solar power plants in the country and invested $26 million in such projects in 2022 alone. Over the past three years, the bank has invested around $40 million in alternative energy, financing the construction of 14 power plants.

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