First Business News Portal in English from Nepal
KATHMANDU: Commercial banks have recorded loss in their profit by 2.26 percent in the second quarter of the current fiscal year owing to unfavorable circumstances created by the COVID-19 pandemic.
Of 27 commercial banks in the country, 26 banks recorded decline in their profit by 2.26 percent on an average while the Rastriya Banijya Bank is yet to release its financial report of the second quarter.
In the review period, commercial banks have recorded profit worth RS 29.32 billion, Rs 677 million less to profits commercial banks made in the second quarter of the last fiscal year.
Commercial banks had made profit worth Rs 30.21 billion in the second quarter of last fiscal year.
Bankers said that decline in economic activities due to the pandemic has affected credit demand and the overall business of banks and also affected their profit.
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