HSBC Bank Armenia announced its financial results for the first half of 2011.

The bank recorded growth in almost all financial indicators. Pre-tax profit increased to AMD 3.5 billion, a 48% increase on the same period in 2010, the bank said in a press release.

Total assets at 30 June 2011 were up by 7% compared to 31 December 2010, amounting to AMD 155 billion. Gross customer loans increased by 6% to AMD 91 billion as at 30 June 2011, with the corporate loan portfolio being AMD 69 billion. Customer deposits increased by 4% to AMD 109 billion as at 30 June 2011.

HSBC Bank Armenia is the largest taxpayer in Armenian banking sector according to the results of the first half of 2011, ranking 14th on the list of 1,000 biggest Armenian taxpayers.