KATHMANDU, Aug 8: Profits of development banks declined 7.82 percent in the last fiscal year, thanks to the ongoing economic recession that had led to a sharp decline in the banking businesses.

According to the financial reports unveiled by the national level development banks, they earned profits of Rs 5.81 billion during mid-July 2022 and mid-July 2023, while they secured profits of Rs 6.31 billion in the previous fiscal year.

Out of 13 national level development banks, eight were successful to increase their profits, while five witnessed a fall in their profits. During the review period, profits of Muktinath Development Bank stood at Rs 1.36 billion, the largest among all. The amount was 1.64 percent more than the amount in the previous fiscal year.

Likewise, the profits of Garima Development Bank increased 18.18 percent to Rs 1.21 billion. Shine Resunga Development Bank’s profits increased 21.29 percent to Rs 786.82 million.   

Lumbini Development Bank, Jyoti Bikas Bank, Mahalaxmi Bank, Shangri-la Development Bank and Kamana Sewa Bikas Bank had their profits declined in the review period.

 
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