Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Commercial banks in Nepal have reported a combined net profit of approximately NPR 64.15 billion for the fiscal year 2023-24, marking a notable increase of 13.40% compared to the previous fiscal year’s NPR 56.57 billion. The performance data reveal a mixed bag, with ten banks reporting profit growth and another ten experiencing declines.
Top Performers:
Nabil Bank emerged as the highest profit earner among commercial banks, with a net profit of NPR 7.06 billion, reflecting a 10.23% increase from the previous fiscal year.
Global IME Bank secured the second position, reporting a net profit of NPR 6.01 billion, despite a 10.23% decrease in its earnings.
Nepal Investment Mega Bank stood third, boasting a net profit of NPR 5.19 billion, a substantial 39% rise from the previous year.
Remarkable Growth:
Prabhu Bank saw an impressive surge in its profits, increasing by 1500% to NPR 4.40 billion from NPR 280 million the previous year.
Prime Commercial Bank reported a significant profit increase of 267%, reaching NPR 3.45 billion.
Kumari Bank also demonstrated strong performance with a 346% profit growth, achieving NPR 2.30 billion.
Other Notable Performers:
Agricultural Development Bank increased its profit by 176%, reporting NPR 3.65 billion.
Laxmi Sunrise Bank saw a 40% rise in profits, amounting to NPR 3.03 billion.
Himalayan Bank increased its net profit by 81%, totaling NPR 2.83 billion.
Everest Bank reported a 10% increase, reaching NPR 3.70 billion.
Nepal SBI Bank reported a modest 2.35% increase, achieving a net profit of NPR 2.01 billion.
Declining Profits:
Standard Chartered Bank saw its net profit decrease by 4.51%, earning NPR 3.30 billion compared to NPR 3.46 billion the previous year.
NIC Asia Bank, which had the highest net profit in the previous fiscal year, experienced a significant decline of 68%, with profits falling to NPR 1.38 billion from NPR 4.44 billion.
Nepal Bank Limited reported a 52% decrease, with net profits reducing to NPR 1.66 billion from NPR 3.43 billion.
NMB Bank experienced a 27.49% decline, reporting a net profit of NPR 2.33 billion.
Citizens Bank saw a 27.97% decrease, with net profits of NPR 1.34 billion compared to NPR 1.86 billion the previous year.
Sanima Bank reported a net profit decrease of 8.59%, achieving NPR 2.38 billion.
Rastriya Banijya Bank saw a 5.48% decline, reporting NPR 3.39 billion.
Siddhartha Bank reported a 4.51% decrease, with net profits amounting to NPR 3.01 billion.
Machhapuchchhre Bank recorded the lowest net profit among the commercial banks, with a 23% decline, achieving NPR 1.25 billion.
Despite some banks facing declines, the overall growth in the sector’s net profit underscores the resilience and adaptive strategies of Nepal’s commercial banks in navigating economic challenges and capitalizing on growth opportunities.
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