Tag: surge

  • Extraordinary Surge: Gold Prices Reach All-Time Highs in Nepal

    Extraordinary Surge: Gold Prices Reach All-Time Highs in Nepal


    Recently, the gold market in Nepal has experienced an unprecedented surge, reaching a new all-time high on April 9, 2024. The Federation of Nepal Gold and Silver Traders’ Association reported a notable increase of Rs. 100, pushing the price of fine gold to an exceptional rate of Rs. 1,36,300 per tola, up from its previous rate of Rs. 1,36,200. Similarly, Tejabi gold, another highly sought-after variant, also witnessed a consecutive increase of Rs. 100, now valued at Rs. 1,35,650 per tola, compared to its previous rate of Rs. 1,35,550.

    Just a day earlier, on April 8th, 2024, fine gold had surged to an all-time high of Rs. 1,36,200 per tola. However, in contrast, the price of silver has remained steady at Rs. 1,685 per tola in the domestic market.

    Despite the domestic market’s upward trend in prices, the international market plays a significant role in influencing these changes. The latest update reveals that the current gold rate stands at $2,344.00 per ounce globally. Meanwhile, silver prices remain constant at $27.81 per ounce internationally.

    These fluctuations in both domestic and international gold and silver markets highlight the dynamic nature of precious metal trading and its susceptibility to various economic factors. Investors and traders must closely monitor these trends to make informed decisions in the precious metals market.

  • Nepal’s Macroeconomic Snapshot: Resilient Remittances, Forex Stability, and Balanced Trade Dynamics in the First Seven Months of 2023/24

    Nepal’s Macroeconomic Snapshot: Resilient Remittances, Forex Stability, and Balanced Trade Dynamics in the First Seven Months of 2023/24


    The Nepal Rastra Bank (NRB), the central bank of Nepal, has presented an overview of the country’s macroeconomic and financial situation based on data from the first seven months, ending mid-February of 2023/24.

    Overall

    According to NRB, the inflation rate was estimated at 5.01% on a year-on-year basis. The gross foreign exchange reserves reached USD 13.89 billion. Total imports decreased by 2.3%, exports by 7.1%, and the trade deficit by 1.8%. The NEPSE index stood at 2101.16.

    Inflation

    Year-on-year consumer price inflation moderated to 5.01% in mid-February 2024, compared to 7.88% a year ago. Wholesale price inflation stood at 2.82% in mid-February 2024.

    Import and Export

    Merchandise exports decreased by 7.1% to Rs. 86.83 billion, while merchandise imports decreased by 2.3% to Rs. 897.94 billion. The total trade deficit decreased by 1.8% to Rs. 811.11 billion.

    Services and Remittance

    Net services income remained at a deficit of Rs. 37.26 billion, while remittance inflows increased by 21.6% to Rs. 839 billion.

    Inter-bank Transaction

    BFIs inter-bank transactions amounted to Rs. 2872.44 billion. The price of oil decreased to USD 83.88 per barrel, and the price of gold increased to USD 2015.20 per ounce.

    Foreign Exchange Reserves

    Gross foreign exchange reserves increased to Rs. 1844.94 billion. Reserves held by NRB and other institutions increased, and the Indian currency’s share in total reserves stood at 22.6%.

    Exchange Rate

    The Nepalese currency depreciated by 1.05% against the US dollar.

    Nepal Government Expenditure and Revenue

    Total government expenditure stood at Rs. 686.75 billion, with revenue mobilization reaching Rs. 567.40 billion.

    Cash Balance of Government

    The cash balance at various accounts of the Government of Nepal (GoN) maintained with NRB stood at Rs. 215.26 billion.

    Banking

    Domestic credit increased by 3.2%, deposits at Banks and Financial Institutions (BFIs) increased by 7.0%, and private sector credit from BFIs increased by 4.1%.

    Interest Rates

    Average base rates of commercial banks, development banks, and finance companies stood at 9.06%, 11.13%, and 12.70%, respectively.

    Balance of Payments

    The Balance of Payments (BOP) remained at a surplus of Rs. 297.72 billion.

  • Gold Prices Soar to Record Highs in Nepal on March 5, 2024

    Gold Prices Soar to Record Highs in Nepal on March 5, 2024


    The gold market in Nepal saw an extraordinary surge, reaching an unprecedented all-time high on March 5, 2024. According to the Federation of Nepal Gold and Silver Dealers’ Association, fine gold recorded a remarkable single-day increase of Rs. 2,000, soaring to an extraordinary rate of Rs. 1,23,000 per tola. This surge surpassed the previous record set on December 28, 2023, when fine gold had reached Rs. 1,22,000 per tola.

    Tejabi gold, another highly coveted variety, also witnessed a noteworthy rise, currently valued at Rs. 1,22,400 per tola, up from its previous rate of Rs. 1,20,400.

    In a parallel trend, the price of silver also experienced an increase on the same day, with a gain of 35 rupees, bringing the current silver price to Rs. 1,445 per tola. In comparison, the silver price on the previous Monday was recorded at Rs. 1,410 per tola.

    While the domestic market witnessed an upswing in prices, it’s noteworthy that the international market also plays a significant role. As of the latest update, the current gold rate stands at $2,114.80 per ounce. Internationally, silver is also experiencing positive momentum, with prices reaching $23.67 per ounce.

  • Himalayan Re-Insurance’s Net Profit Surges 99.73% on 154.65% Rise in Net Premiums; EPS Reaches Rs. 12.05

    Himalayan Re-Insurance’s Net Profit Surges 99.73% on 154.65% Rise in Net Premiums; EPS Reaches Rs. 12.05


    In the second quarter of the fiscal year 2080/81, HRL experienced a remarkable 154.65% rise in net premiums, reaching Rs. 1.99 Arba compared to the previous year. The company also demonstrated strong financial management by generating Rs. 47.32 Crores from investment income and other financial activities.

    However, during the same period, there was a 50.90% increase in net claims, totaling Rs. 73.15 Crores.

    Key financial indicators reflect HRL’s strong performance, with an annualized EPS of Rs. 12.05, net worth per share at Rs. 147.31, and a P/E ratio of 41.30 times, indicating the company’s resilience and promising financial outlook.

     

  • Sanima Reliance Life Insurance’s Q2 Net Profit Surges 96.48%; Life Insurance Fund at Rs. 12.69 Cr

    Sanima Reliance Life Insurance’s Q2 Net Profit Surges 96.48%; Life Insurance Fund at Rs. 12.69 Cr


    Sanima Reliance Life Insurance Limited (SRLI) has posted a significant 96.48% rise in its net profit for the current quarter, reaching Rs. 21.97 crore, compared to Rs. 11.18 crore in the same quarter last year.

    SRLI’s paid-up capital stands at Rs. 4.18 Arba, with retained earnings of Rs. 92.15 Crores, Rs. 2.42 Crores in other equity, and Rs. 11.83 Crores in catastrophe reserves. The company holds a life insurance fund worth Rs. 12.69 Arba and has investments totaling Rs. 15.65 Arba.

     

  • NRN Infrastructure Reports Q2 Net Profit Surge to Rs. 1.63 Crores; EPS at Rs. 2.67

    NRN Infrastructure Reports Q2 Net Profit Surge to Rs. 1.63 Crores; EPS at Rs. 2.67


     

    NRN Infrastructure and Development Limited (NRN) has published its second-quarter report for the fiscal year 2080/2081, indicating a significant increase in net profit by 188.03%. Despite this surge, the net profit rose to Rs. 1.63 crores compared to Rs. 56.78 lakhs in the same quarter of the previous year.

    The company’s paid-up capital stands at Rs. 1.22 billion, with retained earnings amounting to Rs. 6.47 crores and an investment revaluation reserve of Rs. 54.15 crores. During Q2 of FY 2080/81, NRN has invested Rs. 34.27 crores in associates.

     

  • Reliable Nepal Life Insurance Limited (RNLI) Records Strong Q2 Performance with 4.97% Surge in Net Profit

    Reliable Nepal Life Insurance Limited (RNLI) Records Strong Q2 Performance with 4.97% Surge in Net Profit


    Reliable Nepal Life Insurance Limited (RNLI) has recently announced a noteworthy 4.97% increase in its net profit, reaching Rs. 23.09 crore in the current quarter, as opposed to Rs. 22 crore in the corresponding quarter of the previous year. The company, with a paid-up capital of Rs. 4 Arba and a share premium of Rs. 1.75 Arba, has demonstrated financial stability, boasting Rs. 1.23 Arba in retained earnings, Rs. 5.56 Crores in other equity, and Rs. 14.37 Crores in catastrophe reserves. Additionally, RNLI maintains a life insurance fund of Rs. 8.54 Arba.

    Operationally, RNLI has shown resilience with a 1.74% increase in net premiums, totaling Rs. 1.75 Arba in Q2 FY 2080/81 compared to the previous year. The company’s financial acumen is highlighted by its ability to generate Rs. 63.90 Crores from income derived from investments, loans, and other financial activities. However, it’s important to note that there was a 21.85% increase in net claims during the quarter, amounting to Rs. 1.63 Arba.

    Key financial indicators underscore RNLI’s strong performance, with an annualized earnings per share (EPS) of Rs. 11.55, net worth per share of Rs. 179.71, and a P/E ratio of 49.01 times. It’s crucial to acknowledge that final profit in the life insurance sector may vary based on actuarial valuation, in line with industry practices.

    The provided figures indicate a positive trend for RNLI, showcasing its robust financial position, operational efficiency, and strategic investments. The company’s commitment to maintaining reserves and prudent financial management contributes to its overall stability and growth in the competitive insurance sector.

  • SuryaJyoti Life Insurance Shines with 62.93% Net Profit Surge in Q2; EPS Reaches Rs. 10.41

    SuryaJyoti Life Insurance Shines with 62.93% Net Profit Surge in Q2; EPS Reaches Rs. 10.41


     

    SuryaJyoti Life Insurance Company Limited (SJLIC) has revealed impressive second-quarter results for the fiscal year 2080/2081, displaying a significant 62.93% increase in net profit. The net profit surged to Rs. 23.66 crores, marking a notable rise from Rs. 14.52 crores in the same quarter last year.

    Examining SJLIC’s financial standing, the company boasts a paid-up capital of Rs. 4.54 Arba and a share premium of Rs. 3.72 Crores. Additionally, it holds Rs. 1.4 Arba in retained earnings, Rs. 1.18 Arba in other equity, and Rs. 33.13 crores in catastrophe reserves.

     

  • Laxmi Sunrise Bank Q2 Report: Modest Profit Dip Amidst Impressive Growth and NPL Concerns

    Laxmi Sunrise Bank Q2 Report: Modest Profit Dip Amidst Impressive Growth and NPL Concerns


    Laxmi Sunrise Bank Limited (LSL) has shared its financial results for the second quarter of the fiscal year 2080/81, reporting a small 1.66% decrease in net profit to Rs. 1.05 Arba compared to the same period last fiscal year when it earned Rs. 1.07 Arba.

    The bank showcased positive growth with a remarkable 104.66% increase in net interest income, reaching Rs. 5.65 Arba, and operating profits rising to Rs. 1.44 Arba for the corresponding period. However, loans and advances saw a slight 0.07% decrease, while customer deposits increased by almost 4.84% to Rs. 3.1 Kharba. Notably, impairment charges surged significantly by 376.87%, totaling Rs. 2.73 Arba in Q2 of FY 2080/81.

    For the fiscal year, LSL reported an annualized earnings per share (EPS) of Rs. 9.14, and the net worth per share was Rs. 166.62. A concern arises as Non-Performing Loans (NPL) saw a substantial 199.36% increase, reaching 4.67% in the second quarter, a significant jump from the 1.56% recorded in the same period last fiscal year.

    LSL reported negative distributable profits of Rs. 81.18 Crores, while maintaining a paid-up capital of Rs. 23.18 Arba and reserves and surplus amounting to Rs. 16.26 Arba in Q2 of FY 2080/81. Specific figures show an increase of 7.00% in paid-up capital to Rs. 23,187,155.00, a decline of 146.97% in retained earnings to -811,864.00, and a 9.67% increase in reserves to 16,260,042.00. Deposits rose by 4.84% to Rs. 310,591,321.00, and loans and advances experienced a marginal decrease of 0.07% to Rs. 247,691,314.00. Net Interest Income increased significantly by 104.66% to Rs. 5,658,331.00. Personnel expenses and impairment charges were reported at Rs. 1,802,336.00 and Rs. 2,732,609.00, respectively.

    The operating profit for the quarter was Rs. 1,445,052.00, reflecting a 3.22% decrease, and the net profit stood at Rs. 1,059,210.00, representing a 1.66% decline. The capital adequacy ratio is reported at 12.67%, showing a slight decrease from the previous year. The Cost of Fund decreased by 14.59% to 7.61%. The NPL percentage increased significantly by 199.36%, reaching 4.67%. The Qtr end PE Ratio stands at 19.06 times.

  • Gold Prices Rebound with a Rs. 500 Increase per Tola After Three-Day Dip

    Gold Prices Rebound with a Rs. 500 Increase per Tola After Three-Day Dip


    Following a three-day downturn, the luster of gold has made a comeback, witnessing a price surge of Rs. 500 per tola today. The Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA) reports that fine gold is now valued at Rs. 118,000 per tola. This marks a Rs. 500 increase from yesterday’s trading price of Rs. 117,500 per tola.

    Similarly, Tejabi gold is currently priced at Rs. 117,450 per tola, reflecting a Rs. 500 rise compared to yesterday’s rate of Rs. 116,950 per tola.

    In addition to the gold price movements, silver has also seen an uptick, rising by Rs. 5 per tola. The current market rate for silver stands at Rs. 1,395 per tola, a notable increase from the previous day’s closing rate of Rs. 1,390 per tola.

  • Gold Prices Rebound, Surge by Rs. 300 per Tola After Four-Day Dip

    Gold Prices Rebound, Surge by Rs. 300 per Tola After Four-Day Dip


    After a brief four-day decline, gold is making a comeback with prices rising by Rs. 300 per tola today. The Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA) reports that fine gold is now trading at Rs. 118,600 per tola, marking a Rs. 300 increase from yesterday’s rate of Rs. 118,300 per tola. Similarly, Tejabi gold is available today at Rs. 118,050 per tola, reflecting a Rs. 300 uptick from yesterday’s price of Rs. 117,750 per tola.

     

  • Madhesh Province’s Financial Sector Witnesses Robust Growth: 13.25% Surge in Deposits and 4.68% Rise in Loans

    Madhesh Province’s Financial Sector Witnesses Robust Growth: 13.25% Surge in Deposits and 4.68% Rise in Loans


    The financial sector in Madhesh province is undergoing a notable expansion, as evidenced by the annual report on regional economic activity presented by the Nepal Rastra Bank for the fiscal year 2079/80. The report discloses a substantial 13.25% surge in total deposits and a 4.68% increase in loans, reflecting a positive trend in the banking landscape.

    According to the report, banks and financial institutions in Madhesh province have witnessed a significant rise in total deposits, reaching Rs. 2 kharba 96 arba 50 crore. This marks a noteworthy increase of 13.25% compared to the previous fiscal year. In contrast, the corresponding period in the preceding year saw a 5.35% growth, amounting to Rs. 2 kharba 61 arba 81 crore.

    The fiscal year’s review also indicates a 4.68% growth in loans extended by banks and financial institutions in Madhesh province, totaling Rs. 4 kharba 50 arba 21 crores. Although this represents a positive trajectory, the growth in loans during the same period of the previous year was more substantial at 16.70%, totaling Rs. 4 kharba, 30 arba, and 9 crore.

    Furthermore, the report highlights an increase in the total number of branches of banks and financial institutions, including microfinance entities, licensed by Nepal Rastra Bank in Madhesh Province. The current count stands at 1,745 branches during the year under review, reflecting growth from the 1,607 branches that were operational in the province during the corresponding period in the previous year.