Eight national-level development banks double net profits to Rs 1.67 billion in Q1
Summary
Eight national-level development banks in Nepal earned a combined net profit of Rs 1.67 billion in the first quarter of the current fiscal year, more than double the same period last year. Lumbini Development Bank posted the highest profit, while three banks recorded earnings below Rs 200 million.
Key Points
- Eight national-level development banks posted a combined net profit of Rs 1.67 billion in the first three months of the current fiscal year, up 113.23 percent year-on-year.
- The increase in profitability was attributed to lower provisioning expenses.
- Lumbini Development Bank earned the highest net profit at Rs 327.15 million, reversing a loss of Rs 348.58 million in the same period last year.
- Muktinath Development Bank, Garima Bikas Bank, Kamana Sewa Bikas Bank and Jyoti Bikas Bank also reported strong profits.
