KATHMANDU: Most commercial banks in Nepal have reported a decline in net profit during the first quarter of the current fiscal year, with an overall drop of 18 percent compared to the same period last year, according to data released by the banks.
Twenty operating commercial banks earned a combined net profit of Rs 1.314 billion in the first quarter, down from Rs 1.618 billion in the same period of the previous fiscal year.
Rastriya Banijya Bank recorded the highest growth in net profit, which increased by 289.77 percent to Rs 58.97 million, up from Rs 15.13 million last year. In terms of absolute profit, Global IME Bank earned the most, reporting Rs 1.858 billion, compared to Rs 1.512 billion in the same period last year.
Other banks that saw growth in net profit during the review period included Sanima Bank, NIC Asia, and Everest Bank. However, most other commercial banks experienced declines. Citizens Bank International reported the steepest drop, falling to a net loss of Rs 22.04 million from a net profit of Rs 198.22 million in the same period last year.
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