Twenty commercial banks earned Rs 64.15 billion profit

Twenty commercial banks earned a combined net profit amounting to Rs 64.15 billion, according to the unaudited financial reports released by the banks for fiscal year 2023/24. Nabil Bank emerged as the number one with a net profit of Rs 7.06 billion, marking a 10.23 percent rise compared to the same quarter last year. Global IME Bank followed with a profit of Rs 6.01 billion, and Nepal Investment Mega Bank secured third position with Rs 5.19 billion. Machhapuchhre Bank recorded the lowest profit at Rs 1.25 billion for the fiscal year. Citizens Bank International and NIC Asia Bank each posted profits around Rs 1.3 billion, while Nepal Bank earned Rs 1.65 billion.

Prabhu Bank experienced the highest growth, with a net profit increase of 1499.04 percent during the review period. Kumari Bank saw a profit increase of 345.67 percent, Prime Commercial Bank’s profit rose by 267.19 percent, while Agriculture Development Bank’s profit grew by 176.23 percent, mainly due to previous fiscal adjustments. In contrary to this, 10 commercial banks witnessed a decline in net profit. NIC Asia Bank faced the largest drop with a 68.91 percent decrease, followed by Nepal Bank with a 51.80 percent decline, and Citizens Bank International with a 27.97 percent decrease.