NewBiz Report
KATHMANDU, August 5
National level development banks in Nepal have reported a 9.39% increase in their net profit for the fiscal year 2023/24.
The eight banks collectively earned around Rs 5.55 billion in net profit in the review period, compared to Rs 5.07 billion in the previous fiscal year, 2022/23.
Among the eight development banks, five—Shangri-la Development Bank, Kamana Sewa Development Bank, Mahalaxmi Development Bank, Lumbini Development Bank, and Muktinath Development Bank—saw an increase in net profit, while three such banks including Shine Resunga Development Bank, Garima Development Bank, and Jyoti Development Bank reported a decline inprofits, according to the unaudited financial reports released on Monday.
Muktinath Development Bank recorded the highest net profit of approximately Rs 1.27 billion, while Jyoti Development Bank reported the lowest at around Rs 246.5 million.
The Shangri-la Development Bank and Jyoti Development Bank reported the highest increase and decrease in net profit, respectively.
The table below shows the net profit of the national level development banks for fiscal years 2023/24 and 2022/23.
Net profit of the national level development banks
|
Banks |
Net profit in FY 2023/24 (in Rs million) |
Net profit in FY 2022/23 (in Rs million) |
Changes (%) |
|
Shangri-la |
520.47 |
270.41 |
92.47 |
|
Kamana Sewa |
603.21 |
361.36 |
66.93 |
|
Mahalaxmi |
470.14 |
377.55 |
24.52 |
|
Lumbini |
603.78 |
497.67 |
21.32 |
|
Muktinath |
1,279.13 |
1,248.22 |
2.48 |
|
Shine Resunga |
697.44 |
758.02 |
-7.99 |
|
Garima |
1,136.18 |
1,264.67 |
-10.16 |
|
Jyoti |
246.5 |
301.81 |
-18.33 |
|
Total |
5,556.87 |
5,079.75 |
9.39 |
Sources: Respective development banks
