NMB, Machhapuchchhre and Everest Bank post higher profit in first quarter

Net profit at NMB Bank, Machhapuchchhre Bank and Everest Bank rose in the first quarter of the current fiscal year 2083/84.

According to NMB Bank's financial statements through the end of Asoj, the bank's net profit grew by about 27 percent to nearly 1.16 billion rupees, up from around 920 million rupees in the same period last year. The main reasons for the profit growth were a roughly 30 percent drop in loan loss provisioning and higher net interest income. The bank's total loans stood at nearly 276 billion rupees and total deposits at about 324 billion rupees. Non-performing loans edged down slightly from the previous quarter to about 4.9 percent.

According to Machhapuchchhre Bank's financial statements, its profit rose to nearly 550 million rupees. The bank's provisioning amount fell to less than half, while net interest income grew by about 16 percent.

Everest Bank's profit rose by about 6 percent to nearly 1.25 billion rupees. Although Everest's net interest income fell slightly, profit still rose as provisioning dropped by nearly half. The cost of funds and base rate at all three banks fell compared to last year.