July 20: During the first eleven months of the fiscal year 2022/2023, out of the 17 development banks operating in Nepal, only 11 of them were able to generate profits, while the remaining 6 banks faced losses.

According to data released by the Nepal Rastra Bank (NRB), the 11 profitable development banks collectively earned a total profit of Rs 5.10 billion in the first 11 months of the last fiscal year.

Muktinath Development Bank emerged as the top performer, making profit of Rs 1.9 billion within the 11-month period. Similarly, Garima Development Bank also performed well, earning a net profit of Rs 82 crores.

On the other hand, Green Development Bank witnessed the lowest profit of Rs 4.9 million during the review period.

In contrast, Karnali Development Bank, Sindhu Bikash Bank, Narayani Development Bank, Excel Development Bank, and Saptakoshi Development Bank faced losses during the same period.

Among these, Saptakoshi Development Bank incurred the highest loss, exceeding Rs 28 crores.