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By Our Reporter

The effect of the economic recession lasting for two years was seen in the profits of the commercial banks.

Twenty commercial banks have earned a combined net profit of Rs. 64.15 billion, according to the unaudited financial reports released by the banks for fiscal year 2023/24.

Of 20 commercial banks, the profits of 10 have declined and the condition of those whose profits rose does not look healthy.

Nabil Bank emerged as the leader with a net profit of Rs. 7.06 billion, marking a 10.23 per cent rise compared to the same quarter last year.

Global IME Bank followed with a profit of Rs. 6.01 billion, and Nepal Investment Mega Bank secured third place with Rs. 5.19 billion.

Machhapuchhre Bank recorded the lowest profit at Rs 1.25 billion for the fiscal year.

Citizens Bank International and NIC Asia Bank each reported profits of around Rs. 1.3 billion, while Nepal Bank earned Rs. 1.65 billion.

Prabhu Bank experienced the highest growth, with a net profit increase of 1499.04 percent during the review period.

Kumari Bank saw a profit increase of 345.67 per cent, Prime Commercial Bank’s profit rose by 267.19 per cent, and Agriculture Development Bank’s profit grew by 176.23 per cent, mainly due to previous fiscal adjustments.

Conversely, 10 commercial banks saw a decline in net profit.

NIC Asia Bank faced the largest drop with a 68.91 per cent decrease, followed by Nepal Bank with a 51.80 per cent decline, and Citizens Bank International with a 27.97 percent decrease.