KATHMANDU, Nov 2: Eight national-level development banks earned a net profit of Rs 1.67 billion in the first three months of the current Fiscal Year (FY), which was more than double of the amount that they earned in the same period of the last FY.
During the corresponding period of the previous year, these development banks had earned a net profit of Rs 783.45 million. The rise in net profit is 113.23 percent, which has been attributed to a decrease in the banks' provisioning amounts.
Lending slows as banks focus on recovery of loans at fiscal yea...
In the review period this FY, Lumbini Development Bank recorded the largest net profit, amounting to Rs 327.15 million. In the same period last FY, this bank had incurred a loss of Rs 348.58 million. Muktinath Development Bank secured the second-highest net profit, with its earnings increasing by 43.44 percent to reach Rs 322.42 million.
Similarly, Garima Bikas Bank earned a net profit of Rs 240.12 million, Kamana Sewa Bikas Bank earned Rs 231.16 million and Jyoti Bikas Bank earned Rs 200.16 million.
The net profits of the banks including Shine Resunga Development Bank, Mahalaxmi Bikas Bank and Shangrila Development Bank were below Rs 200 million. Over the one-year period, the net profit of five banks increased, while it declined for three development banks.
