April 20: Twelve out of 17 development banks made profits in the first eight months of the current fiscal year (FY 2022/23), according to the data of Nepal Rastra Bank (NRB).

According to the central bank, from mid-July to mid-March of the current fiscal year, five development banks were in net loss.

The NRB data shows that Salpa Development Bank, Narayani Development Bank, Sindhu Development Bank, Excel Development Bank and Saptakoshi Development Bank are currently in losses. Saptakoshi Development Bank has incurred the highest losses at Rs 257 million.

Among the 12 profitable banks, Muktinath Bikas Bank is at the forefront. The bank earned profits of Rs 873.6 million till mid-March of the current fiscal year.

In the second place is Garima Bikas Bank with a profit of Rs 663.3 million followed by Shine Resunga Development Bank with a profit of Rs 557.1 million during this period.

Green Development Bank is the least profitable among the 12 banks bank with a profit of Rs 7.6 million