Profit of commercial banks down by over 13 percent

KATHMANDU, APRIL 19: The total average profit of commercial banks in the country has gone down by over 13.47 during the first 9 months of the current fiscal year. Presently, there are 20 such banks operational within the nation.

As per the unedited financial reports published by them, their total average earnings from mid-June to mid-April of 2023/24  stood at Rs 40 billion 683 million while the same was recorded at Rs 47 billion 15 million 3 hundred thousand during the same period last year.

13 banks posted a decline in their respective profits and, among them, Nepal Bank lost the most.  Its profit decreased by Rs 652 million 270 thousand to 1 billion 30 million 509 thousand. Similarly, NIC Asia’s earnings plunged by 52.31 percent to 1 billion 914 million 891 thousand, Machhapucchre Bank’s declined by 36.73 per cent to Rs 855 million 446 thousand and Nepal SBI went down by 35.44 percent to Rs 1 billion 164 million 177 thousand.

Likewise, the profits of Rashtriya Banijya Bank, Global IME, Kumari and NMB decreased to Rs 2 billion 374 million 823 thousand, 3 billion 360 million  552 thousand, Rs 1 billion 502 million 794 thousand and Rs 2 billion, 241million 595 thousand respectively.

Similarly, Sanima, Nabil, Prabhu, Standard Chartered and Citizen’s saw their respective earnings plummeting to Rs 1 billion 439 million 442 thousand, Rs 4 billion 668 million 29 thousand, Rs 1 billion 812 million 458 thousand, Rs 2 billion 447 million 122 thousand, Rs 1 billion 211 million 416 thousand respectively.

However, till the third quarter of this fiscal,  7 commercial banks recorded a rise in their respective profits compared to the corresponding period last year.  Of them, Agriculture Development Bank topped the list.  Its profit increased by 97.22 per cent to Rs 2 billion 53 million 166 thousand .

In the same vein, Sunrise’s earnings rose to Rs 1 billion 615 million 903 thousand, Prime Commercial’s increased to Rs 2 billion 878 million 746 thousand, and Siddhartha’s went up to Rs 1 billion 684 million 90 thousand.

Also, the profits of Himalayan Bank, Nepal Investment Mega, and Everest increased to Rs 1 billion 948 million 181 thousand, Rs 3 billion 275 million 277 thousand, Rs 2 billion 608 million 64 thousand respectively.