KATHMANDU: Economic Digest offers a concise yet comprehensive overview of significant business happenings in Nepal, presented in easily digestible summaries.
On Wednesday, gold prices dropped by Rs 300 per tola, following a Rs 600 decrease the previous day, with fine gold priced at Rs 156,400 per tola, while silver fell to Rs 1,890 per tola.
The NEPSE Index also experienced a decline of 0.15%, closing at 2,576.76 after a drop of 4.00 points, amidst a trading session with significant activity from 320 companies and a turnover of Rs. 5.66 billion.
In the banking sector, a report from the Nepal Rastra Bank indicated that commercial banks collectively posted a net profit of Rs. 9.17 billion in the month of Shrawan, led by Global IME Bank with Rs. 89.24 Crores.
Meanwhile, Buddha Air expanded its services, increasing flights from Kathmandu to Varanasi from two to three times a week, highlighting its commitment to enhancing passenger convenience.
Overall, while the gold market and stock index faced downward pressure, the banking sector demonstrated resilience with notable profitability.
NEPSE index falls 0.15 percent
The NEPSE Index on Wednesday dipped by 0.15%, closing at 2,576.76 after a drop of 4.00 points. This follows a larger decline of 57.03 points in the previous session.
Trading began at 2,584.35, peaked at 2,606.04, and then fell to a low of 2,551.40 before settling at 2,576.76.
In total, 320 companies were active during the session, with 80,378 transactions leading to a turnover of Rs. 5.66 billion.
A total of 13,952,121 shares were traded, resulting in a market capitalization of Rs. 4.09 trillion and a float market capitalization of Rs. 1.44 trillion.
The banking sector recorded the highest gains, providing some support amid the overall market decline.
NRB reports Shrawan profits: Global IME Bank leads with Rs. 89.24 crores
The Nepal Rastra Bank has published the financial performance report for commercial and development banks for the first month of the fiscal year 2081/82, concluding in Shrawan.
The total net profit of commercial banks reached Rs. 9.17 Arba. Global IME Bank topped the list with a net profit of Rs. 89.24 Crores, surpassing Nabil Bank, which reported earnings of Rs. 80.33 Crores.
Agriculture Development Bank came in third with a net profit of Rs. 71.2 Crores for the period.
Other strong performers included Himalayan Bank and Nepal Investment Mega Bank, both showing higher profits.
Conversely, Machhapuchchhre Bank reported the lowest profit among commercial banks, earning Rs. 20.24 Crores.
Gold price down by Rs 300 per tola
Gold prices fell by Rs 300 per tola on Wednesday, following a decrease of Rs 600 per tola on Tuesday.
The Federation of Nepal Gold and Silver Dealers’ Associations reported that the price of fine gold is now Rs 156,400 per tola, down from Rs 156,700 the previous day.
Silver also saw a decline, trading at Rs 1,890 per tola, down from Rs 1,905 per tola on Tuesday.
Buddha Air begins three flights a week to Varanasi
The private carrier Buddha Air has extended its commercial flights from two to three days a week from Kathmandu to Varanasi of India.
According to the Buddha Air, there will be flights to Varanasi from Kathmandu’s Tribhuvan International Airport on every Monday, Wednesday and Friday.
The privately-owned airline expressed its belief that three flights a week would further facilitate passengers.
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