Commercial banks generated a 24 percent increase in profit in the first three months of the current fiscal year.
Nepal’s commercial banks earned a profit of Rs 18.11 billion in the first three months of the current fiscal year, which is 24.05 percent more than the amount in the same period last year.
According to the financial reports unveiled by 27 commercial banks, they earned the aforementioned amount of profits during mid-July and mid-October this year. Increased lending after decline in coronavirus cases and reduction in bad debts have led to a spike in net interest earnings, which helped to increase the profits, said the bankers.
NMB Bank, Rastriya Banijya Bank, NIC Asia Bank, Nabil Bank and Global IME Bank earned profits of more than a billion. In terms of rate of earnings, Civil Bank was able to increase its profit by 201.87 percent, Siddhartha Bank by 89.50 percent and Nepal SBI Bank by 85.98 percent.