February 7, 2021 | Investopaper
In the second quarter of the current fiscal year 2077/78, 15 development banks have published the unaudited report so far. There are currently 19 development banks operating in Nepal. Out of those who have published the report, 7 have disclosed a drop in net profit as compared to the corresponding period of the previous year.
Muktinath Bikas Bank is at the top among the development banks in terms of net profit. The bank has posted Rs 61.55 crores in profit. This is 30.26 percent higher than the profit of the same period last year. Likewise, Garima Bikas Bank has reported Rs 39.35 crores in profit and is at the second spot. The profit of the bank has increased by 20.89 percent. Kamana Sewa has grown its profit by an astounding 162 percent to Rs 39 crores.
On the other hand, Narayani Development Bank has reported a net loss of Rs 84 lakhs until the second quarter. Green and Corporate development are also on the bottom three with Rs 29 lakh and Rs 1.27 crores in net profit.
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The ranking of the development banks of Nepal based on the net profit is presented in the table below:
Net Profit of Development Banks in Nepal [Q2, FY 2077/78]
Net Profit (Rs.’Crores’)
|Rank||Development Bank||Q2, FY 2077/78||Q2, FY 2076/77||Percent Change|
|1||Muktinath Bikas Bank Limited||61.55||47.25||30.26|
|2||Garima Bikas Bank Limited||39.35||32.55||20.89|
|3||Kamana Sewa Bikas Bank Limited||39||14.85||162.63|
|4||Mahalaxmi Bikas Bank Limited||34.68||30.5||13.70|
|5||Jyoti Bikas Bank Limited||30.55||28.08||8.80|
|6||Lumbini Bikas Bank Limited||26.18||25.21||3.85|
|7||Shine Resunga Development Bank Limited||26.11||30.07||-13.17|
|8||Shangrila Development Bank Limited||16.48||19.13||-13.85|
|9||Excel Development Bank Limited||9.93||10.28||-3.40|
|10||Miteri Development Bank Limited||6.98||8.35||-16.41|
|11||Sindhu Bikas Bank Limited||3.39||1.04||225.96|
|12||Karnali Development Bank Limited||1.83||-0.59||410.17|
|13||Corporate Development Bank Limited||1.27||2.44||-47.95|
|14||Green Development Bank Limited||0.29||1.04||-72.12|
|15||Narayani Development Bank Limited||-0.84||0.04||-2200.00|
Source: Un-audited second quarterly report (of respective development banks) of fiscal year 2077/78.
The above figures are based on the un-audited report published by the respective banks. Investors are advised to take other things into consideration along with this report while making investment decisions. The numbers may vary after the final audit.