HSBC Bank Armenia remains largest taxpayer in Armenian banking system

PanARMENIAN.Net - HSBC Bank Armenia continues to maintain its leading position as the largest taxpayer in Armenian banking sector.

According to the results of the first three quarters of 2011, the bank ranks 17th on the list of 1000 largest taxpayers of Armenia. The amount of taxes paid by HSBC Armenia in January-September 2011 totaled AMD 2.5 billion, which is almost 2.7 times higher (a 169% increase) than the volume of taxes paid during the same period of previous year.

The total sum of direct taxes (including income tax) paid by HSBC Armenia during the first three quarters of 2011 made AMD 2.2 billion (205% growth), which is the fifth result among the largest taxpayers, the Bank said in a press release.

“Taking into account the seasonality factor, typical of Armenia, we expect an even better performance and results for the fourth quarter, which highlights the bank’s high profitability,” stated Gevorg Tarumyan, HSBC Bank Armenia Chief Financial Officer.