20 commercial banks post combined first-quarter profit of Rs 19.11 billion, Nabil leads with Rs 2.55 billion

Commercial banks earned a combined net profit of Rs 19.11 billion in the first quarter (as of the end of Asoj) of the current fiscal year 2083/84. According to the unaudited financial statements published by all 20 commercial banks, their profits have increased.

Although interest income was affected, banks' profits rose because loan loss provisioning decreased.

Nabil Bank earned a net profit of Rs 2.55 billion 51 lakh during this period. The bank's profit rose by 45.4 percent, with earnings per share reaching Rs 33.89. The bank attributed this to improvement in net interest income and loan recovery.

According to the statements published by the banks, Nepal Investment Mega Bank's net profit crossed Rs 1.18 billion and Kumari Bank's crossed Rs 1.07 billion. Machhapuchchhre Bank's profit rose 32 percent to Rs 55.11 crore, Prabhu Bank's rose 8.10 percent to Rs 60.37 crore, and NIC Asia Bank's rose 4.32 percent to Rs 12.74 crore. Laxmi Sunrise Bank's profit rose 96.41 percent and NMB Bank's rose 27.11 percent, while Citizens Bank turned from loss to profit.