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The price of gold has increased by Rs 1, 600 per tola in the domestic market on Sunday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 142, 800 per tola today.  It was traded at Rs 141, 200  per tola on Friday.

Similarly, tejabi gold is being traded at Rs 142, 100 per tola. It was traded at Rs 140, 900 per tola.

Meanwhile, the silver is being traded at Rs 1,820 per tola today.

The Nepal Stock Exchange (NEPSE) plunged by 9. 32 points to close at 2,112. 29 points on Thursday.

Similarly, the sensitive index dropped by 0. 72 points to close at 374. 18 points.

A total of 14,294,712-unit shares of 313 companies were traded for Rs 6. 44 billion.

Meanwhile, Samriddhi Finance Company Limited (SFCL) and Kutheli Bukhari Small Hydropower Limited (KBSH) were the top gainers today with their price surging by 10. 00 percent. Likewise, Mid Solu Hydropower Limited (MSHL) was the top loser with its price dropped by 10. 00 percent.

At the end of the day, the total market capitalization stood at Rs 3. 34 trillion.

The net profit of bank and financial institutions (BFIs) fell by 15.03 percent over the first 10 months of the fiscal year 2023/24 as slow credit growth impacted their profitability.

According to Nepal Rastra Bank, BFIs earned a net profit of Rs 53.19bn up to mid-May of the current fiscal year, compared to Rs 62.6bn in the same period of the previous fiscal year. This marks a decline of more than Rs 9bn.

The combined net profit of BFIs was Rs 44.67bn up to mid-April. This means they increased net profits by nearly Rs 9bn in the 10th month of the current fiscal year alone.

While all 20 Class ‘A’ banks, or commercial banks, recorded a net profit in the review period, five out of 17 development banks and eight out of 17 finance companies reported a net loss in the same period.

Twenty commercial banks in the country earned a combined net profit of Rs 48.60bn in the first 10 months of 2023/24. Nabil Bank Ltd topped the list of commercial banks in terms of net profit, earning Rs 5.46bn in the review period. Next were Global IME Bank Ltd and NIMB Bank Ltd, with net profits of Rs 4.12bn and Rs 3.77bn, respectively.

Nepal Bank Ltd was at the bottom of the list with a net profit of Rs 590.32m.

The net profit of the 20 commercial banks had increased by 25.03 percent to Rs 70.9bn in the fiscal year 2022/23.

Among Class 'B' financial institutions, or development banks, Muktinath Development Bank logged the highest net profit of Rs 994.87m, followed by Garima Bikas Bank and Shine Resunga Development Bank, which posted net profits of Rs 757.43m and Rs 583.77m, respectively.

Salapa Bikas Bank, Narayan Development Bank, Sindhu Bikas Bank, Saptakoshi Development Bank, and Excel Development Bank reported net losses during the review period. Excel Development Bank had the highest net loss of Rs 270.14m, while Salapa Bikas Bank had the lowest net loss of Rs 140,000.

Among finance companies, Manjushree Finance Company earned the highest net profit of Rs 2024.25m. Gurkha Finance Company and ICFC Finance were next, with net profits of Rs 48.98m and Rs 29.54m, respectively.

On the other hand, Guheshwari Merchant Banking and Finance, Reliance Finance, Central Finance, Progressive Finance, Goodwill Finance, Janaki Finance, Samriddhi Finance, and Pokhara Finance companies registered net losses in the 10-month period.

The gold is being traded at Rs 146, 000 per tola in the domestic market on Thursday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, tejabi gold is being traded at Rs 140, 900 per tola.

Similarly, the silver is being traded at Rs 1,810 per tola today.