Commercial banks earn nearly Rs 18 billion profit in two months

According to data released by Nepal Rastra Bank, the country's 20 commercial banks earned a combined net profit of nearly Rs 18 billion in Shrawan and Bhadra of the current fiscal year 2083/84.

In the same two months last year, these banks had earned about Rs 16.59 billion in profit, meaning profit this year grew by about 7.32 percent. Thirteen banks saw their profits rise during this period, while seven saw declines.

Nabil Bank topped the list with a profit of about Rs 1.80 billion, up roughly 35 percent from about Rs 1.33 billion in the same period last year. Global IME Bank was second with a profit of about Rs 1.69 billion, though its growth was only about 4 percent.

In terms of growth rate, Himalayan Bank led the pack, with its profit jumping more than 55 percent from about Rs 370 million last year to about Rs 575.1 million. Nepal SBI Bank recorded the lowest profit, at about Rs 415.9 million.

Combined profit across all banks and financial institutions reached about Rs 19.46 billion in the two months, over 6 percent higher than last year. The improvement came despite sluggish credit growth and high liquidity pressure, driven by recovery of old loans and higher non-interest income.