Commercial banks see decline in profits in first half of fiscal year

KATHMANDU: The profits of Nepal’s commercial banks have declined by 1.1% in the first six months of the current fiscal year compared to the same period last year, as per recently published financial reports.

Among the commercial banks, Prabhu Bank has recorded the highest profit growth during the review period. The bank earned a profit of Rs 6.138 billion, a significant increase from Rs 1.33 billion in the corresponding period last year.

In contrast, NIC Asia Bank experienced the steepest decline in profits, reporting Rs 1.73 billion during the review period, down sharply from Rs 3.87 billion in the same period of the previous fiscal year.

Nabil Bank reported a profit of Rs 3.42 billion in the first six months of the current fiscal year, slightly higher than its Rs 3.30 billion earnings during the same period last year.

Similarly, Global IME Bank earned Rs 3.89 billion in profit, marking a significant rise from Rs 2.42 billion in the corresponding period of the previous year.

The overall decline in profits reflects varied performance trends among commercial banks, with some managing to navigate economic challenges successfully while others face notable setbacks.