Economic Digest: Nepal’s Business News in a Snap

KATHMANDU: Economic Digest offers a concise yet comprehensive overview of significant business happenings in Nepal, presented in easily digestible summaries.

Commercial banks report Rs 9.17 billion net profit in first month of FY 2024/25

Commercial banks achieved a net profit of Rs 9.17 billion in the initial month (mid-July to mid-August) of the fiscal year 2024/25.

Among them, Global IME Bank led with the highest net profit of Rs 892.4 million by mid-August.

Nabil Bank followed with a net profit of Rs 803.3 million, while Agriculture Development Bank came in third with Rs 712 million.

Himalayan Bank was fourth with a net profit of Rs 588 million, and Nepal Investment Mega Bank secured fifth place with Rs 577.5 million.

Additionally, Prabhu Bank reported a net profit of Rs 538 million, Prime Commercial Bank earned Rs 505.5 million, Kumari Bank had Rs 503.5 million, and Laxmi Sunrise Bank achieved a net profit of Rs 430.3 million.

Govt’s expenditute around 7.5 per cent in two months

The government’s expenditure in the first two months of the current fiscal year 2081-82 BS (2024-25) is around 7.5 per cent.

According to the Office of the Auditor General, the government spent 7.39 percent of the total allocations or Rs 137.5 billion till September 16.

The government has presented the budget of 1860 billion 303 million for the current fiscal year.

The expenditures towards the capital expenditures are 82 billion 986.05 million or 7.28 percent of the total allocations of Rs 1140 billion 660 million.

Towards the capital expenditures, the allocation amounts to Rs 352 billion 350 million and the expenditures till mid-September is 4.23 per cent or Rs 14 billion 894 million.

Gold prices drop by Rs 600 per tola on Tuesday

The price of gold fell by Rs 600 per tola from its highest level in the domestic market on Tuesday.

According to the Federation of Nepal Gold and Silver Dealers’ Associations, the current rate for fine gold was Rs 156,700 per tola, down from Rs 157,300 per tola on Monday.

In a similar trend, silver prices also decreased. On Tuesday, silver was traded at Rs 1,905 per tola, a drop from Rs 1,915 per tola the previous day, reflecting a Rs 10 decrease per tola.

On the global stage, gold was traded at $2,577 per ounce.