Five Commercial Banks to Withhold Advance Employee Bonuses This Year
Summary
Five commercial banks in Nepal, including NIC Asia Bank and Himalayan Bank, will not distribute advance employee bonuses this year, awaiting financial audits and regulatory approval amid rising non-performing loans and losses.
Key Points
- Five commercial banks in Nepal will not distribute advance employee bonuses this year.
- The banks include NIC Asia Bank, Himalayan Bank, Nepal Investment Mega Bank, Prabhu Bank, and Prime Commercial Bank.
- The decision follows provisions of the Bonus Act requiring 10% of net profits for employee bonuses.
- Banks are waiting for external audits and Nepal Rastra Bank's approval due to financial challenges including non-performing loans and losses.
