Nepali banks show resilience amid economic challenges: first quarter profits unveiled

KATHMANDU: During the initial four months of the present fiscal year (July-October), a collective net profit of Rs 20.73 billion has been recorded by 20 commercial banks. Nepal Rastra Bank’s published data reveals that, in comparison to the previous October, the net profit of banks in October has risen by Rs 7.23 billion.

Leading in net profit for this period is Nabil Bank, securing a profit of Rs 2.17 billion. Following closely in second place is Global IME Bank, which has achieved a net profit of Rs 1.95 billion until October of the current fiscal year. Nepal Investment Megha Bank holds the third position with a net profit of Rs 1.87 billion.

Prime Commercial Bank stands in the fourth position with a profit of Rs 1.53 billion, while Himalayan Bank secures the fifth spot with a profit of Rs 1.51 billion.

Additionally, NIC Asia Bank has registered a net profit of Rs 1.38 billion, Rastriya Banijya Bank at Rs 1.21 billion, NMB Bank at Rs 1.24 billion, Everest at Rs 1.08 billion, and Prabhu Bank at Rs 1.05 billion.

Other notable banks include Standard Chartered Bank with a net profit of Rs 981.9 million, Nepal Bank Limited at Rs 971 million, Kumari Bank at Rs 888 million, Sanima Bank at Rs 777.8 million, Machhapuchhre Bank at Rs 671.5 million, Nepal SBI Bank at Rs 605 million, Citizens International Bank at Rs 582 million, Laxmi Sunrise Bank at Rs 516 million, and Siddhartha Bank at a profit of Rs 333 million during the initial quarter of the current fiscal year.

Furthermore, the central bank has disclosed data indicating that the Agriculture Development Bank, which experienced losses in the first quarter of the current fiscal year, has continued to incur losses in October, with a total loss of Rs 288.8 million until that month.