Development Banks Record Profit of 783.4 Million in First Quarter of the Current FY

Kathmandu: The profits of national-level development banks have declined sharply in the first quarter of the current fiscal year 2082/83. According to the banks’ financial statements, their combined profits have fallen by 45.2 percent compared to the same period last fiscal year.

Development banks had earned Rs 1.42 billion profit during the first quarter of fiscal year 2081/82. However, this figure has now dropped to Rs 783.4 million in the corresponding period of the current fiscal year.

Garima Bikas Bank secured the top position with the highest profit, earning Rs 255.75 million, up by 11 percent compared to last year. Muktinath Bikas Bank followed in second place with Rs 224.77 million, though its profit dipped by 20.24 percent.

Similarly, Shine Resunga Development Bank reported a 15.17 percent decline, earning Rs 203 million, down from Rs 239.3 million in the same quarter last year.

Among those showing improvement, Kamana Sewa Bikas Bank saw a 12.92 percent increase in profit, reaching Rs 197.5 million, while Mahalaxmi Bikas Bank recorded a modest 3.42 percent rise to Rs 97.5 million.

Shangri-La Development Bank demonstrated the highest growth rate among all, with its profit soaring by 46.58 percent to Rs 88.2 million. However, Jyoti Bikas Bank’s profit fell by 53 percent to Rs 73 million, and Lumbini Bikas Bank reported a negative profit of Rs 348.5 million for the first quarter.