Commercial Banks' Net Profits Rise by 1.40% in Q3; Nepal Bank Sees Over 2000% Surge, NIC Asia Suffers 91% Decline

Nepal's commercial banks have reported their net profits for the third quarter of the current fiscal year, according to their unaudited financial statements. The collective net profit of the 20 commercial banks stood at Rs. 41.25 Arba, marking a modest 1.40% year-on-year (YoY) growth compared to Rs. 40.68 Arba recorded during the same period in fiscal year 2080/81.

The most remarkable performance was delivered by Nepal Bank, which reported a net profit of Rs. 278.35 crores, a dramatic leap from just Rs. 13.05 crores in the same quarter last year. This translates to a staggering 2032.94% increase, making it the highest percentage growth among all commercial banks this quarter.

Strong performances were also seen from several other institutions. Nepal Investment Mega Bank posted a net profit of Rs. 454 crores, rising by 38.61% from the previous year. Similarly, Global IME Bank earned Rs. 453.41 crores, up 37.12%, while Everest Bank and Machhapuchchhre Bank posted profits of Rs. 345.76 crores and Rs. 110.26 crores, registering growths of 32.55% and 28.90% respectively.

Moderate profit growth was reported by banks like Sanima Bank (14.80%), Nabil Bank (8.21%), NMB Bank (5.87%), Prabhu Bank (3.51%), and Nepal SBI Bank (3.36%). Laxmi Sunrise Bank also posted a small increase of 2.24% in net profit.