Banks achieve double digit profit growth Kathmandu, January 29 The collective profit of commercial banks in first half of current fiscal increased by 10.36 per cent compared to the corresponding period of the previous fiscal. The 28 commercial banks in operation generated total profit worth Rs 23 billion in the first half of 2017-18 compared to Rs 20.85 billion in the same period of 2016-17, as per the unaudited financial reports published by commercial banks. The profit of commercial banks in the first half was a marked improvement when compared to dismal three per cent profit growth witnessed in first quarter of this fiscal. However, the profit growth of commercial banks has been squeezed over the year. The profit growth of commercial banks stood at above 40 per cent in the first half of last fiscal compared to the same period of the fiscal 2015-16. Nepal Investment Bank Ltd was the top profit maker in the review period as it generated profit worth Rs 1.86 billion. It was followed by Nabil Bank with total profit worth Rs 1.83 billion, government-owned Rastriya Banijya Bank (Rs 1.78 billion), Nepal Bank (Rs 1.63 billion) and Everest Bank (Rs 1.14 billion), as per the financial statements published by the commercial banks. Altogether nine banks generated profit above Rs one billion. Apart from aforementioned top five profit makers, Himalayan Bank, Agricultural Development Bank, Standard Chartered Bank and NMB Bank made it to the ‘billionaires club’ in first half. The total profit of nine ‘billionaire’ banks had 53.7 per cent weightage on the total profit of the banks. Similarly, Civil Bank, Janata Bank, Century Bank, NCC Bank and Mega Bank ranked at the bottom five in terms of profit generation during the review period. In the review period, eight banks landed in the red zone in terms of profit growth. These included Prabhu Bank, NIC Asia Bank, Nepal Bangladesh Bank, Nepal Bank, Machhapuchchhre Bank, Bank of Kathmandu, Sunrise Bank, Citizens Bank International, as per the financial results till the second quarter of the current fiscal year. Likewise, Nepal Credit and Commerce (NCC) Bank was the forerunner in terms of profit growth in the first half of fiscal. Profit growth of NCC Bank stood at a staggering 356.7 per cent, followed by Kumari Bank (71 per cent), Janata Bank (68 per cent), Rastriya Banijya Bank (46 per cent) and Century Bank (45 per cent), compared to the corresponding period of the previous fiscal. Agricultural Development Nepal Credit & Commerce Figures in Rs '000; Source: Unaudited financial reports of commercial banks