As of March 2018 there are 17 commercial banks operating in Armenia. 
- ACBA-Credit Agricole Bank, opened in 1996, SWIFT: AGCAAM22.
- Ameriabank, opened in 1910 as the Yerevan branch of the Caucasus Trade Bank, in 1992 became known as Ameriabank, SWIFT: ARMIAM22.
- Anelik Bank, opened in 1990, SWIFT: ANIKAM22.
- Araratbank, opened in 2004, SWIFT: ARMCAM22.
- Ardshinbank, opened in 2003, SWIFT: ASHBAM22.
- Armbusinessbank, opened in 1994 as the legal successor of the "Arminvestbank" operating since 1991, SWIFT: ARMNAM22. 
- ArmEconomBank, opened in 1991, SWIFT: ARECAM22.
- ArmSwissBank, opened in 2004, SWIFT: ARSJAM22.
- Artsakhbank, opened in 1996, SWIFT: ARTSAM22.
- Bank Mellat Armenia, opened in 1995, SWIFT: BKMTAM22.
- Byblos Bank Armenia, opened in 2000 as the legal successor of the "International Trade Bank" operating since 1992, SWIFT:AEIEUS33.
- Converse Bank, opened in 1993 as "North Armenian Shareholding Bank", incorporated into Converse Bank in 1997, SWIFT: COVBAM22.
- Evocabank, opened in 1990 as Prometheus Bank, and renamed in 2001 as Prometey Bank. It was re-branded in 2017 as Evocabank, SWIFT: PRMLAM22.
- HSBC Bank Armenia, opened in 1996 as "Midland Armenia Bank", incorporated into HSBC Bank Armenia in 1999, SWIFT: MIDLAM22.
- InecoBank, opened 1996, SWIFT: INJSAM22.
- Unibank, opened in 2001, SWIFT: UNIJAM22.
- VTB Armenia, opened in 1993 as the "ArmSavingsBank", incorporated into VTB Armenia in 2006, SWIFT: ARMJAM22.
Ameriabank was leading by size of assets by the end of 2017. The top five largest banks in terms of assets were Ameriabank, Armbusinessbank, Ardshinbank, ACBA-CREDIT AGRICOLE BANK and Inecobank, which accounted for 55.8% of all assets.
Out of 17 banks 15 were profitable in 2017. The top five banks by size of net profit were Ameriabank, Inecobank, Ardshinbank, ACBA-CREDIT AGRICOLE BANK and Anelik Bank. Ameriabank was the most profitable bank posting a total of 7.6 billion drams of net profit, an increase of 23.89% over the previous year.
According to data from first 3 quarters of 2017 the five leading banks in terms of mortgage portfolios are Ardshinbank, Converse Bank, Ameriabank, Araratbank and HSBC Bank Armenia, which account for 53.2% of the total mortgage lending.
Fitch Ratings’ bank sector outlook for Armenia in 2018 remains stable.
Development banks/representative offices
Former commercial banks
- Armenian Development Bank, merged with Araratbank.
- AreximBank-Gazprombank, acquired by Ardshinbank.
- Cascade Bank, merged with Ameriabank.
- BTA Bbank, merged with ArmEconomBank.
- ProCredit Bank, acquired by InecoBank.