Kathmandu, June 14: Nepal’s commercial banks posted a combined net profit of Rs 56.47 billion in the first 10 months of the current fiscal year, up 18.16 percent from Rs 47.79 billion during the same period last year, according to data from the central bank.
Among the 20 commercial banks, Kumari Bank recorded the highest profit growth. Its net profit jumped 833 percent to Rs 4.5 billion from Rs 482 million a year earlier.
Nabil Bank remained the most profitable lender, earning Rs 7.67 billion in net profit, a 7.6 percent increase year on year.
Of the 20 banks, 13 reported higher profits while seven saw declines.
Other strong performers included Rastriya Banijya Bank, whose profit rose 81.6 percent to Rs 3.22 billion, Sanima Bank, up 43.7 percent to Rs 2.69 billion, Machhapuchchhre Bank, up 43.2 percent to Rs 1.88 billion, Prime Bank, up 31.7 percent to Rs 3.41 billion, and Citizens Bank, up 26.9 percent to Rs 1.5 billion.
Nepal SBI Bank increased profit by 21.6 percent to Rs 1.68 billion, NMB Bank by 19.9 percent to Rs 3.15 billion, Siddhartha Bank by 18.8 percent to Rs 2.39 billion, Himalayan Bank by 17.5 percent to Rs 803 million, and Laxmi Sunrise Bank by 14.1 percent to Rs 2.46 billion. Standard Chartered Bank Nepal reported a marginal 0.4 percent rise to Rs 2.36 billion.
On the other hand, Prabhu Bank recorded the steepest decline. Its net profit fell 41.7 percent to Rs 1.17 billion.
NIC Asia Bank’s profit dropped 30.4 percent to Rs 333 million, while Nepal Investment Mega Bank saw a 24.3 percent decline to Rs 3.8 billion. Nepal Bank’s profit fell 9.1 percent to Rs 2.99 billion, Agricultural Development Bank’s profit slipped 7.9 percent to Rs 1.6 billion, Everest Bank’s earnings declined 5.2 percent to Rs 3.7 billion, and Global IME Bank reported a 3.1 percent drop to Rs 5.19 billion.
The latest figures indicate a stronger banking sector overall, although performance varied significantly across institutions.
People’s News Monitoring Service
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