Commercial banks record Rs 16.17bn profit in 1st quarter

Kathmandu, November 17

The collective profit of commercial banks has increased by 6.25 per cent to Rs 16.17 billion in the first quarter of the current fiscal year. During the same period last fiscal year, 28 commercial banks collectively had recorded profit worth Rs 15.4 billion.

As per the unaudited financial statements published by commercial banks, Rastriya Banijya Bank is the top profit earner in the review period recording Rs 1.127 billion profit. In the first three months of fiscal year 2018-19, the bank had recorded profit worth Rs 1.119 billion.

Similarly, Nabil Bank is the second highest profit earner in the first three months of the ongoing fiscal year posting Rs 1.123 billion profit. During the same period last year, Nabil Bank’s profit was recorded at Rs 1.05 billion.

Likewise, NIC Asia Bank is the third highest earner in the period. NIC Asia Bank which had earned Rs 7.52 billion in the first three months of last fiscal year has recorded profit worth Rs 1.009 billion during the same period of this fiscal year.  Along with notable expansion in its network and services, NIC Asia Bank today has 277 branches across the country. The bank has Rs 1,088 billion in deposits till the first three months of fiscal 2019-20.

While Rastriya Banijya Bank, Nabil Bank and NIC Asia Bank are in the billionaire’s club in earning profits, eight commercial banks have recorded less profit in the first quarter of fiscal 2019-20 compared to the same period of the previous fiscal.

They include Nepal SBI Bank, Citizens Bank, Siddhartha Bank, Bank of Kathmandu, NCC Bank, Nepal Investment Bank, Civil Bank and Nepal Bank. Nepal Investment Bank which had earned Rs 1.05 billion in the first quarter of last fiscal year has earned only Rs 844 million profit in the same period this year.

Similarly, Nepal Bank’s profit has fallen notably to Rs 581.8 million in first quarter this fiscal compared to its profit worth Rs 913.88 million recorded in same period last fiscal.

While the profit of Nepal SBI Bank has come down to Rs 437.23 million in the first quarter of 2019-20 from Rs 489.77 million during the same period last year, earnings of Bank of Kathmandu has been limited to Rs 383.7 million in the first quarter this year from Rs 386.82 million in the same period last year.

Meanwhile, Civil Bank was the lowest earner in the review period. As per the bank’s financial statement, it has booked Rs 158.9 million profit in the first quarter this fiscal against Rs 185 million profit recorded during the same period in the last fiscal year.

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