Central Bank Governor: Business lending growth in 2024 will help us  achieve economic activity level projected for 2025

ArmInfo. In 2024, Armenian banks experienced a record growth in profits, which is undoubtedly  pleasing, as a portion of these profits will be used to finance the economy, as stated by the Chairman of the Central Bank of the Republic of Armenia, Martin Galstyan, during a press conference on February 4.

At the same time, he pointed out that business loans increased by 20%  in 2024. the head of the Central Bank said.   Recall, according to the December forecast of the Central Bank of  Armenia, Armenia's GDP growth in 2024 is estimated at 6%. In 2025 the  rate will either increase to 7.1% or decrease to 4.8%, depending on  the inflation trajectory. Consequently, the GDP in 2025 may reach  11.1 trillion drams. According to the 

Express Ranking of Armenian Banks as of 31.12.2024, prepared by  ArmInfo Investment Company, the net profit of the banking system for  2024 reached 363.2 billion drams ($915.8 million), marking a 61%  year- on-year increase (compared top 11% decline in 2023 and a 3-fold  jump in 2022). In 2024, unlike the previous two years, both retail  and corporate lending grew at almost equal double-digit rates, with  the latter showing an acceleration in growth.