Research & Analysis

Our Research

Fundamental analysis of Nepal's industries and companies. Each sector starts with an industry overview, followed by individual company deep-dives.

All Sectors Banking & Finance Energy & Hydropower Cement & Materials Reinsurance Alcohol & Beverages Investments Life Insurance Non-Life Insurance

Banking & Finance

6 reports

Sector Overview

Industry Report

Nepal Banking Sector — Industry Analysis

Nepal's 20 commercial banks held 59.3% of total financial system assets and 119.0% of GDP at FY 2022/23 (latest verified NRB Annual Report Table 34, 'Structure of Nepalese Financial System'). This report analyzes sector structure, credit quality, monetary policy, liquidity dynamics, and the NFRS 9 ECL transition that reshaped the competitive landscape from FY 2024/25.

May 1, 202618 min

Company Research

KBL

Kumari Bank Limited (NEPSE: KBL) — Company Deep Dive

Kumari Bank is a mid-tier Class A commercial bank whose 2023 merger with NCC Bank roughly doubled its balance sheet but triggered a sustained rise in non-performing loans from under 1% to 6.94%. A sharp normalization in loan-loss provisions drove 9M FY 2082/83 profits well above the prior full year. This deep dive examines the merger context, the NPL trajectory, digital franchise metrics, and the key unresolved question — the outcome of the NRB-commissioned Houladar Yunus loan portfolio review.

Jun 29, 202616 min

GBIME

Global IME Bank (GBIME) — Company Deep Dive

Nepal's largest commercial bank by assets and deposits, built through a 21-institution merger programme. Five audited years of financials (FY 2020/21–FY 2024/25), covering the Bank of Kathmandu merger, the NPL cycle from 1.25% to 4.56%, the FY 2024/25 ECL accounting transition, and the capital-adequacy position as of Q3 FY 2082/83.

Jun 9, 202628 min

SANIMA

Sanima Bank (SANIMA) — Company Deep Dive

A Class A commercial bank that went from 0.12% NPL to 3.99% in five years, earned a CARE A- rating the same month it switched from ICRA, and is now nine months into the sharpest earnings recovery since its 2012 commercial conversion. What the financials actually say.

May 24, 202620 min

NABIL

Nabil Bank (NABIL) — Company Deep Dive

Five years of audited financials (FY 2020/21–FY 2024/25), covering the Nepal Bangladesh Bank acquisition, the savings-deposit-led funding shift, declining ROE, NPA trajectory, and the CAR buffer ahead of the NFRS 9 ECL carve-out.

May 10, 202618 min

NICA

NIC Asia Bank (NICA) — Company Deep Dive

Through FY 2022/23 NIC Asia produced ROE above 16% and gross NPA below 1%. From FY 2023/24 onwards, the financial profile has deteriorated sharply: gross NPL is now 8.85% (Bank) / 9.53% (Group), Bank-basis retained earnings stand at Rs. -13.66B, and a 2:1 rights issue is pending AGM approval. This report works through the five most recent annual reports, the Q3 FY 2025/26 quarterly, and the verified governance and capital-raise timeline.

May 10, 202618 min