Banks post higher Q3 profits

KATHMANDU, MAY 05 -

Commercial banks have posted higher third quarter profits compared to the same period last year despite a liquidity crunch that has slowed credit flow.

Five out of the 31 commercial banks in the country have published their Q3 financial reports showing good returns.

The Bank of Kathmandu made a net profit of Rs 451.28 million, NMB Bank Rs 252.5 million, Citizens Bank Rs 174.31 million, Global Bank Rs 157.74 million and Commerz and Trust Bank Rs 17.54 million.

According to the banks’ unaudited quarterly reports, they saw a healthy growth in profits ranging from 19 percent to 147 percent compared to the previous quarter. The figures are up 20 percent to 128 percent compared to Q3 in fiscal 2009-10. Similarly, the deposit base of the banks swelled in contrast to the previous quarter and the corresponding quarter in 2009-10. The Bank of Kathmandu was at the top of the list with a deposit base of Rs 19.25 billion and a lending portfolio Rs 17.55 billion.

Commerz and Trust Bank, which started operations on Sept. 20, 2010, registered a growth of 17.28 percent in its deposit base and 31.55 percent in its lending portfolio.

Meanwhile, NMB Bank said in a press statement that it would increase its paid-up capital to Rs 2 billion by the end of this fiscal year.



Net Profits of Commercial Banks as of the end of Q3

Bank of Kathmandu Rs 451.28million

NMB Bank Rs 252.50million

Citizens Bank Rs 174.31million

Global Bank Rs 157.74million

Commerz and Trust Bank Rs 17.54million



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Posted on: 2011-05-05 09:10
http://www.ekantipur.com/2011/05/05/business/banks-post-higher-q3-profits/333535.html