KATHMANDU: The total net profit of Nepal’s commercial banks surged by 13.4% in the fiscal year 2023/24, ending July 15. The 20 commercial banks collectively earned around Rs 64.15 billion in net profit, compared to approximately Rs 56.57 billion in the previous fiscal year, 2022/23.

On Monday, the banks released their unaudited financial reports for the last quarter of the fiscal year, covering mid-April to mid-July 2024. The reports indicate that 10 of the 20 banks—Nabil Bank, Nepal Investment Mega Bank, Prabhu Bank, Prime Commercial Bank, Everest Bank, Agriculture Development Bank, Laxmi Sunrise Bank, Himalayan Bank, Kumari Bank, and Nepal SBI Bank —recorded an increase in net profit. 

Conversely, Global IME Bank, Rastriya Banijya Bank, Standard Chartered Bank, Siddhartha Bank, Sanima Bank, NMB Bank, Nepal Bank Limited, NIC Asia Bank, Citizens Bank International, and Machhapuchchhre Bank saw decline in their net profits.

Nabil Bank achieved the highest net profit of Rs 7.06 billion, while Machhapuchchhre Bank recorded the lowest at Rs 1.25 billion. Notably, Prabhu Bank experienced the largest increase in net profit, while NIC Asia saw the most significant decline.

Table below shows the net profit of the commercial banks in fiscal years 2023/24 and 2022/23.

Banks	Net profit in FY 2023/24 (in Rs billion)	Net profit in FY 2022/23 (in Rs billion)	Change (%)
Prabhu Bank	4.48	0.28	1499.04
Kumari Bank	2.3	0.51	345.67
Prime Commercial Bank	3.77	1.02	267.19
Agricultural Development Bank	3.65	1.32	176.23
Himalayan Bank	2.83	1.56	81.6
Nepal Investment Mega Bank	5.19	3.72	39.71
Laxmi Sunrise Bank	3.03	2.28	32.79
Nabil Bank	7.06	6.4	10.23
Everest Bank	3.7	3.36	10.07
Nepal SBI Bank	2.01	1.96	2.35
Standard Chartered Bank	3.3	3.46	-4.51
Siddhartha Bank	3.01	3.16	-4.78
Rastriya Banijya Bank	3.39	3.59	-5.48
Sanima Bank	2.38	2.6	-8.59
Global IME Bank	6.01	6.69	-10.13
Machhapuchchhre Bank	1.25	1.62	-23.09
NMB Bank	2.33	3.22	-27.49
Citizens Bank International	1.34	1.86	-27.97
Nepal Bank	1.65	3.43	-51.8
NIC Asia Bank	1.38	4.44	-68.91
Total	64.15	56.57	13.4

                                                                                                                                 Source: Respective banks