Kathmandu. The profit of 18 commercial banks has declined in the first quarter of the current fiscal year. The Kovid epidemic has affected the business expansion of banks as well as increased bad debts and increased risk management, affecting profits.

According to the unrevised financial statements of the first quarter published by the banks, the profit of only nine banks has increased. Earlier, the profits of high-profit banks also declined.

As of September, only NMV, Prime Commercial, Citizens, Nepal Bangladesh, Global IME, Mega, Prabhu, Kumari and NIC Asia have increased their profits.

The big profit making banks like Rastriya Banijya Bank, Navil, Nepal Investment, Nepal Bank, Everest, Himalayan have also been affected last year.

NMB Bank has been the biggest gainer during this period, while Nepal SBI Bank has been the biggest loser.

MMV's profit rose 168 percent while SBI's profit fell 54.14 percent.