Banks record cumulative net profit of Rs 51.01 billion in Q3 this FY

KATHMANDU: Reports published by the banks of the third quarter of this FY have showed that banks have managed to record plain growth this year.

All 27 listed commercial banks have published their third quarter financial report of the current FY. Reports shows that banks have earned a cumulative net profit of Rs 51.01 billion. The net profit increased by merely 0.54 percent. In the review period of the last FY, banks had recorded net profit of Rs 50.74 billion.

Report shows that net profit of 12 commercial banks have declined out of which Laxmi Bank logged the highest decline followed by Kumari Bank, in the review period.

Global IME Bank has earned the highest net profit of Rs 3.72 billion in the third quarter. The net profit increased by 4.13 percent compared to rs 3.57 billion of the last FY. Similarly, NIC Asia Bank (NICA) is first runner up in the net profit earning indicator followed by Nabil Bank. Meanwhile, Laxmi Bank (LBL) has earned the lowest net profit of Rs 858.9 million during the period.

Century Commercial Bank (CCBL) has recorded the biggest growth in net profit during the period. In the review period, the bank logged 183.59 percent growth in its net profit compared to the last FY. The bank earned net profit of Rs 1.01 billion compared to Rs 358.1 million of the last FY.