Submit your Article

The price of gold has dropped by Rs 1,400 per tola in the domestic market on Wednesday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow metal is being traded at Rs 146, 300 per tola today. It was traded at Rs 147, 700 per tola on Tuesday.

Meanwhile, the price of silver has dropped by Rs 15 and is being traded at Rs 1,710 per tola today.

The Nepal Stock Exchange (NEPSE) plunged by 145. 05 points to close at 2,651.32 points on Tuesday.

Similarly, the sensitive index dropped by 27. 22 points to close at 445. 56 points.

A total of 53,844,237-unit shares of 322 companies were traded for Rs 23. 71 billion.

Meanwhile, Three Star Hydropower Limited (TSHL) was the top gainer today with its price surging by 10. 00 percent. Likewise, Nepal Finance Ltd. (NFS), Gurkhas Finance Ltd. (GUFL), Central Finance Co. Ltd. (CFCL), Panchakanya Mai Hydropower Ltd (PMHPL) and NRN Infrastructure and Development Limited (NRN) were the top losers as their price fell by 10. 00 percent.

At the end of the day, the total market capitalization stood at Rs 4. 20 trillion.

Commercial banks in the country earned a combined net profit of Rs 64.15bn in the fiscal year 2023/24. This represents a 13.4 percent increase from the net profit of Rs 56.57bn reported by 20 commercial banks in the fiscal year 2022/23.

A study of financial statements for fiscal year 2023/24 reported by the commercial banks show 10 commercial banks saw their net profits rise, while the remaining 10 reported a decline compared to 2022/23.

Nabil Bank Ltd recorded the highest net profit of Rs 7.06bn in 2023/24, which is 10.23 percent more than the previous year. Global IME Bank followed with a net profit of Rs 6.01bn, marking a 10.23 percent decrease from 2022/23. Nepal Investment Mega Bank Ltd came in third with a net profit of Rs 5.19bn, reflecting a 39 percent increase from the previous year.

Likewise, Prabhu Bank Ltd reported a 1,500 percent increase in its net profit. The Class ‘A’ bank made a net profit of Rs 4.48bn in 2023/24, up from Rs 280.21m in 2022/23.

Prime Commercial Bank Ltd earned a net profit of Rs 3.45bn in 2023/24, a 267 percent growth from Rs 1.02bn in 2022/23. Likewise, Kumari Bank saw a 346 percent increase in its net profit, reaching Rs 2.3bn, while the state-owned Agricultural Development Bank Ltd reported a net profit of Rs 3.65bn, up by 176 percent compared to 2022/23.

Laxmi Sunrise Bank’s net profit grew by 40 percent to Rs 3.03bn, while Himalayan Bank Ltd earned a net profit of Rs 2.83bn, an 81 percent increase compared to 2022/23. Everest Bank Ltd also saw its net profit go up by 10 percent to Rs 3.70bn in 2023/24. Nepal SBI Bank saw a 2.35 percent increase in its net profit, reaching Rs 2.01bn in 2023/24

However, Standard Chartered Bank Nepal reported a 4.51 percent decrease in its net profit to Rs 3.30bn. NIC Asia Bank followed suit, with a significant 68 percent drop to Rs 1.38bn in 2023/24.

Similarly, state-owned Nepal Bank Limited experienced a 52 percent decline in net profit to Rs 1.66bn. NMB Bank’s profit fell by 27.49 percent to Rs 2.33bn, while Citizens Bank International saw a 27.97 percent decrease to Rs 1.34bn.

Sanima Bank’s net profit also declined by 8.59 percent to Rs 2.38bn, while state-owned Rastriya Banijya Bank Ltd earned Rs 3.39bn, marking a 5.48 percent decrease compared to 2022/23.

Siddhartha Bank Ltd and Machhapuchhre Bank Ltd experienced declines of 4.51 percent and 23 percent, respectively, with net profits of Rs 3.01bn and Rs 1.25bn.

The price of gold has dropped by Rs 2, 300 per tola in the domestic market on Tuesday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow metal is being traded at Rs 147, 700 per tola today. It was traded at Rs 150, 000 per tola on Monday.

Similarly, tejabi gold is being traded at Rs 147, 000 per tola.

Meanwhile, the price of silver has dropped by Rs 65 and is being traded at Rs 1,725 per tola today.