Kathmandu, Nov 8: Profits of commercial banks fell in the first quarter of the current fiscal year 2082/83. According to unaudited financial reports released by 20 commercial banks, most recorded a decline in earnings.
During the first three months, the banks made a combined net profit of Rs 13.14 billion, down from Rs 16.12 billion in the same period last fiscal year — a drop of 18 percent.
Fifteen banks saw profits fall, while Citizens Bank International reported a loss of Rs 220.4 million.
Global IME Bank earned the highest profit, posting Rs 1.85 billion by the end of Ashoj, a 22.92 percent rise compared to the same period last year. Nabil Bank, which led in profit last year, dropped to second place with Rs 1.75 billion in earnings.
Only five banks — Global IME, Everest, Rastriya Banijya, Sanima, and NIC Asia — reported profit growth compared to last year’s first quarter. Rastriya Banijya Bank recorded the sharpest increase, with profits surging 295.72 percent year-on-year. (People’s news monitoring service)
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