Global IME Bank (GBIME) — Company Deep Dive

The One-Paragraph Summary

Global IME Bank Limited (NEPSE: GBIME) is Nepal's largest commercial bank by balance sheet, with total assets of Rs. 688.08B at FY 2024/25 year-end and Rs. 774.89B as of Q3 FY 2082/83 (April 13, 2026). The bank reached this scale primarily through a merger programme that has absorbed 21 banking and financial institutions over roughly a decade (Source: Wikipedia, Global IME Bank Limited; full timeline in the Business Description below) — the most significant single step being the Bank of Kathmandu (BOK) merger effective January 9, 2023, which added approximately Rs. 166B in assets in a single mid-year event. Across five fiscal years, the financial trajectory shows consistent balance-sheet growth, a fee income line growing from Rs. 1.53B to Rs. 3.22B (FY 2020/21 to FY 2024/25), and a CD ratio that has improved from 85% to 75% — but also a gross NPL ratio that rose from approximately 1.25% (FY 2020/21) to 4.56% (FY 2024/25) and 4.97% (Q3 FY 2082/83), and a PAT that declined from its FY 2022/23 peak of Rs. 6.69B to Rs. 5.08B in FY 2024/25. FY 2024/25 was the bank's first year of full Expected Credit Loss (ECL) adoption under NRB's new guidelines — an accounting transition that inflated impairment charges and depressed distributable profit materially. All figures in this article are from company-filed primary documents unless stated otherwise.

Business Description

Global IME Bank Limited is a Class "A" commercial bank incorporated as a public limited company under the Nepal Company Act 2063. It received its banking licence from Nepal Rastra Bank (NRB) on 2063 Poush 16 under the Bank and Financial Institutions Act (BAFIA). Source: Company self-reported (GBIME Annual Report FY 2024/25, Note 1.1).

Registered office: Ward No. 28, Kamaladi, Kathmandu Metropolitan City, Kathmandu District, Bagmati Pradesh. Listed on Nepal Stock Exchange (NEPSE). Source: GBIME Annual Report FY 2024/25, Note 1.1.

Core business: Deposit-taking, corporate and retail lending, trade finance, card services, foreign exchange, and digital banking. Source: Company self-reported (GBIME Annual Report FY 2024/25, Note 1.3, Nature of Activities).

Subsidiaries

Source: Company self-reported (GBIME Q3 FY 2082/83 Interim Statements, Note 8 Related Party Disclosures; GBIME Annual Report FY 2024/25).

Associates (entities over which GBIME exercises significant influence): Mero Microfinance, First Microfinance Development Bank, RSDC Laghubitta, Chhimmek Laghubitta, Nepal Infrastructure Bank Ltd., Banking Finance and Insurance Institute of Nepal, National Banking Training Institute, SmartChoice Technologies Ltd. Source: GBIME Q3 FY 2082/83 Note 8.

Scale as of Q3 FY 2082/83 (April 13, 2026)

• Total assets (Bank standalone): Rs. 774.89B — Nepal's largest commercial bank by balance sheet. Source: Company self-reported (GBIME Q3 FY 2082/83 Interim Balance Sheet).
• Customer deposits (Bank): Rs. 626.00B. Source: ibid.
• Loans and advances (Bank): Rs. 449.47B. Source: ibid.
• Customer accounts: 5 million+ (50 lakh+). Source: Company self-reported (GBIME Annual Report FY 2024/25, Nepali overview section).
• Mobile banking users: 2.5 million+ (20 lakh+). Source: Company self-reported (GBIME Annual Report FY 2024/25).
• Branch network: 352 branches, 67 extension counters, 155 Branchless Banking (BLB) outlets, 384 ATMs as of FY 2024/25 year-end. Source: Company self-reported (GBIME Annual Report FY 2024/25).

Merger history

Global IME Bank is the most merger-driven institution in Nepal's banking system. It is the product of the merger or acquisition of 21 banking and financial institutions — five Class "A" commercial banks, ten Class "B" development banks, and six Class "C" finance companies. Source: Wikipedia, Global IME Bank Limited (Tertiary), reconciled against contemporaneous NRB merger-approval announcements (ShareSansar) and Nepali financial press (Investopaper, Kathmandu Post, myRepublica, Bank ko Samachar — Secondary).

The 21 break into two groups. Eleven institutions merged directly into Global IME Bank under its own name:

The remaining ten entered indirectly — they had merged into Reliable, Janata, or Bank of Kathmandu before those banks joined GBIME:

Note: Reliable Finance, a Class "C" company, upgraded into Reliable Development Bank during its 2014 three-way merger; the official 21-institution tally counts the surviving Reliable entity once, as a development bank.

Sources: Direct mergers 2012–2019 — Investopaper, "An Exclusive Financial Analysis of Global IME Bank"; Bank of Kathmandu (2023) — Company self-reported (GBIME Annual Report FY 2022/23, Note 4). Indirect chains — NRB final-approval announcements via ShareSansar (Reliable Development Bank, Apr 2014; Triveni Bikas Bank, 2015; Siddhartha Development Bank, Jun 2016; Janata's acquisitions of Triveni and Siddhartha, 2017); Bank of Kathmandu–Lumbini and Lumbini–Navadurga mergers — Kathmandu Post and myRepublica.

The two transactions with the largest balance-sheet impact:

• December 6, 2019 — Janata Bank Nepal: Customer deposits roughly doubled from approximately Rs. 124B to approximately Rs. 227B. Source: Company self-reported (GBIME Annual Report FY 2022/23, historical merger disclosures).
• January 9, 2023 — Bank of Kathmandu (BOK): Total assets increased by approximately Rs. 166B in the year of the merger; deposits jumped Rs. 149B (+54%) versus the prior year, almost entirely attributable to the combination. Source: Company self-reported (GBIME Annual Report FY 2022/23, Note 4 acquisition disclosures).

GBIME is the surviving bank entity in all of these transactions; the merged entities' licences were surrendered to NRB.

First-mover milestones

• 2022: First commercial bank in Nepal to establish branch presence in all 77 districts. Source: Company self-reported (GBIME Annual Report FY 2023/24 timeline).
• 2024: First commercial bank in Nepal to reach Rs. 500B in customer deposits. Source: Company self-reported (GBIME Annual Report FY 2023/24).
• FY 2024/25: Exceeded 5 million customer accounts. Source: Company self-reported (GBIME Annual Report FY 2024/25).

International DFI relationships

British International Investment (BII), International Finance Corporation (IFC), Mashreq Bank Ltd., KfW, and a $25M credit agreement with GCPF. Source: Company self-reported (GBIME Annual Report FY 2023/24).

Awards (management-cited)

Euromoney Best Bank Nepal 2024, Euromoney Best Bank for ESG 2024, Global Finance Best Bank Nepal 2024, Visa Payments Excellence 2023, Infosys Finacle Transformation Excellence Gold 2023. Source: Company self-reported (GBIME Annual Report FY 2023/24). These are management-curated awards; they are reported here as disclosed, not as independent assessments.

Five-Year Financial Summary

All figures in Rs. millions, bank-level (standalone). FY 2022/23 figures are labeled MERGER-INFLATED because the BOK combination closed mid-year (January 9, 2023), adding approximately Rs. 166B in assets and Rs. 149B in deposits in a single year. Prior-year comparatives were not restated. All figures sourced from GBIME Annual Reports as noted below.

Sources: GBIME Annual Reports FY 2020/21 (pp. 75–94, bank standalone), FY 2021/22 (pp. 74–94), FY 2022/23 (pp. 86–105), FY 2023/24 (pp. 115–130), FY 2024/25 (pp. 64–73 NFRS statements; p. 172 NRB Key Indicators table) — all company self-reported. FY 2024/25 figures are exact bank-standalone audited values extracted from the Nepali-language NFRS statements. CAR and ROA from NRB Key Indicators five-year series. Distributable EPS for FY 2020/21 and FY 2021/22 are Derived: ending distributable balance divided by total paid-up shares at par Rs. 100.

Notes on two discontinuities in this table:

1. FY 2022/23 impairment: Provision charges surged from approximately Rs. 466M (FY 2021/22) to Rs. 3,426M (FY 2022/23), reflecting both the much larger post-merger loan book and an abrupt deterioration in credit quality (NPL: 1.25% → 3.94%).

2. FY 2024/25 impairment: The further surge to Rs. 5,977M reflects the first-year full adoption of the Expected Credit Loss model under NRB's ECL guideline (dated 2082.05.09). This charge is not directly comparable to prior years, which used the incurred-loss approach. The estimated incremental impact of ECL adoption versus the prior methodology was approximately Rs. 2–3B in additional charges in FY 2024/25. Source: GBIME Annual Report FY 2024/25, Key Audit Matters (SAR Associates auditor's report).

Organic loan growth (stripping merger effects): FY 2022/23 to FY 2023/24 loan growth was Rs. 14.96B (+4.2%) — entirely organic, no merger. FY 2023/24 to FY 2024/25: +Rs. 40,689M (+11.0%) — entirely organic. Source: Bank standalone NFRS balance sheets, GBIME Annual Reports FY 2023/24 and FY 2024/25.

Quarterly Performance — FY 2082/83 (Current Year)

Bank-level figures, Rs. millions, YTD. Data sourced from GBIME Interim Financial Statements Q1, Q2, and Q3 FY 2082/83 — all company self-reported.

Sources: GBIME Interim Financial Statements Q1 FY 2082/83 (filed October 2025), Q2 FY 2082/83 (filed January 2026), Q3 FY 2082/83 (filed April 13, 2026) — all company self-reported.

Four observations from the quarterly data:

1. NII declining year-on-year: Q3 YTD NII of Rs. 11.88B versus Rs. 12.32B in the prior year Q3 YTD (-3.6%). The base rate fell from 6.38% to 4.95% over nine months; interest income has fallen faster than interest expense as term deposits reprice more slowly. Source: Q3 and prior-year Q3 NRB ratios tables.

2. PAT recovering versus the FY 2024/25 full year: Q3 YTD PAT of Rs. 4.40B against the FY 2024/25 full-year PAT of Rs. 5.08B. At the Q3 annualised run rate, FY 2082/83 full-year PAT is tracking toward approximately Rs. 5.87B — above the FY 2024/25 level.

3. NPL stabilising but not declining: NPL moved from 4.56% (FY 2024/25 year-end) to 4.98% (Q1) to 4.91% (Q2) to 4.97% (Q3). No clear resolution, but the deterioration pace has slowed. Loan loss provision coverage improved markedly: 95.34% (prior year Q3) versus 117.07% (Q3 FY 2082/83), reflecting the ECL model front-loading reserve builds.

4. CAR narrowing: From 12.65% (FY 2024/25 year-end) to 12.98% (Q1) to 12.17% (Q2) to 12.06% (Q3). The buffer above the NRB minimum of 11% is 106 basis points — the tightest in the observable five-year window.

Balance Sheet Trend

All figures in Rs. millions, bank-level. Sources as noted in the Five-Year Financial Summary section.

As of Q3 FY 2082/83 (Bank standalone): Total assets Rs. 774.89B, deposits Rs. 626.00B, loans Rs. 449.47B, equity Rs. 68.05B. Source: GBIME Q3 FY 2082/83 Interim Balance Sheet.

Loan-to-Deposit Ratio

Arithmetic: Loans / Customer Deposits. Derived from the table above.

The NRB Credit-to-Deposit ratio (which uses a different denominator from the simple LTD) stood at 71.13% in Q3 FY 2082/83, against an NRB ceiling of 90%. Source: GBIME Q3 FY 2082/83 NRB Directive ratios table. This headroom — approximately 1,900 basis points below the ceiling — represents substantial unused lending capacity.

Key balance sheet notes:

Investment securities surge: Investment securities grew from Rs. 46.5B (FY 2021/22) to Rs. 148.8B (FY 2024/25) — a 3.2x increase in three years. As a share of total assets: 12.9% (FY 2021/22) to 21.6% (FY 2024/25). This reflects the low-credit-demand environment, with excess deposits parked in government securities. Source: GBIME Annual Reports, bank standalone balance sheets.

Capital adequacy trend: CAR has narrowed from 13.34% (FY 2022/23) to 12.65% (FY 2024/25) to 12.06% (Q3 FY 2082/83). The buffer above the 11% NRB floor declined to 106 basis points by Q3. Source: GBIME Annual Reports and quarterly NRB ratios tables.

Contingent liabilities: Rs. 99.28B as of FY 2023/24. Source: GBIME Annual Report FY 2023/24. The FY 2024/25 figure was not separately extractable from the pages reviewed.

Market Position

Position in Nepal's Banking System

Nepal's commercial banking system (20 Class "A" banks as of NRB Annual Report FY 2023/24): total system assets Rs. 7,228B; total deposits Rs. 5,630B; total loans Rs. 4,631B; system NPL 3.74%. Source: NRB Annual Report FY 2023/24.

GBIME's estimated market shares, using GBIME's FY 2023/24 figures against NRB FY 2023/24 system data (most recent paired data available):

These are Derived/Estimate figures: GBIME disclosed bank figures divided by NRB published system totals. GBIME's share in FY 2024/25 would be modestly higher, given the bank's above-average deposit growth to Rs. 550.6B. Sources: GBIME Annual Report FY 2023/24; NRB Annual Report FY 2023/24.

GBIME is, by total assets and total deposits, Nepal's largest commercial bank, having surpassed Nabil Bank (total assets Rs. 637B as of FY 2024/25 per published Nabil Annual Report FY 2024/25) following the BOK merger. This position was reached through acquisition-led consolidation, not organic growth alone.

Competitive Landscape

Sources: Individual bank annual and interim reports as referenced.

Card and Digital Products

Global Sky Club Card: A Visa debit card co-brand with Yeti Airlines, launched May 26, 2025. Features include 100% cashback on the first ticket purchase and 10% ongoing cashback (capped Rs. 500 per ticket) with loyalty points. Source: GBIME official product page (globalimebank.com, accessed June 9, 2026); Spotlight Nepal, May 26, 2025.

Bhatbhateni Zero-Interest EMI: Credit card instalment facility announced June 8, 2026 in collaboration with Bhatbhateni Supermarket (Nepal's largest supermarket chain). 0% interest and fee; Rs. 15,000 minimum; 3–18 month tenures; IMS Software as technical partner. The credit risk sits within GBIME's credit card book, which is classified as the "Card Loans Segment" in the ECL methodology (GBIME Annual Report FY 2024/25, Note 3.4.11). Sources: Nepal Press (June 8, 2026); Ratopati (June 2026).

No separately-disclosed transaction volumes, card issuance numbers, or portfolio balances are available in any accessed source. The financial materiality of these products cannot be independently assessed from public disclosures.

Regulatory Framework

Primary legislation: GBIME operates under the Bank and Financial Institutions Act 2073 (BAFIA 2073) and all directives issued by Nepal Rastra Bank. Source: GBIME Annual Report FY 2024/25, Note 2.1.

Key NRB Regulatory Parameters

Sources: GBIME Q1, Q2, Q3 FY 2082/83 Interim Financial Statements, "Ratios as per NRB Directive" tables. NRB floor and ceiling values from NRB Unified Directives 2081.

NFRS 9 ECL Transition

NRB issued the "Expected Credit Loss Related Guideline-2024" (first amendment dated 2082.05.09). GBIME adopted the full ECL model in FY 2024/25 — the first year of full application. Under NRB's framework, impairment is recognised as the higher of: (a) ECL calculated under NFRS 9, or (b) NRB provisioning norms under the Unified Directives. Stage 3 interest income recognition also changed under the same guideline. Sources: GBIME Annual Report FY 2024/25, Key Audit Matters (SAR Associates auditor's report); GBIME Q3 FY 2082/83 Note 5(e).

Deprived Sector Lending

NRB requires a minimum percentage of loan disbursements to the deprived and priority sector. GBIME discloses a "Deprived Sector Loans Segment" in its ECL segment classification (Annual Report FY 2024/25, Note 3.4.11.3). Quantitative fulfilment data was not extractable from the pages accessed.

Governance and Ownership

Board Composition (FY 2024/25)

Source: Company self-reported (GBIME Annual Report FY 2024/25, Schedule Ka, Nepali language section).

Promoter structure: The promoter group is represented through IME Investment Pvt. Ltd. and DDIG Investment Pvt. Ltd. The ultimate beneficial owners behind these investment vehicles and the aggregate promoter shareholding percentage are not disclosed in the annual report pages reviewed. Source: GBIME Annual Report FY 2024/25.

CEO

Surendra Raj Regmi (current CEO, FY 2024/25): Total remuneration approximately Rs. 17.05M (salary, allowances, PF, leave encashment, Dashain allowance, and performance bonus). Source: Company self-reported (GBIME Annual Report FY 2024/25, Nepali section). Regmi succeeded Ratna Raj Bajracharya, who signed the prior year's annual report. The CEO transition occurred in approximately August 2024. The reasons for this transition are not disclosed in available sources.

Auditor Change

PYC & Associates and P.J.P.N. & Co. (joint auditors for four-plus years) were replaced by SAR Associates (single firm) for FY 2024/25. FY 2024/25 was also the first year of full ECL adoption. The reason for this change is not disclosed in any accessed source. Source: GBIME Annual Report FY 2024/25, auditor's report.

Related-Party Transaction Balances (Q3 FY 2082/83 — Bank Level)

Source: Company self-reported (GBIME Q3 FY 2082/83 Interim Statements, Note 8).

The interest rates charged on loans to subsidiaries and associates are not separately disclosed, preventing pricing comparability.

Unclaimed dividends: Rs. 412M as of FY 2024/25 year-end. Source: Company self-reported (GBIME Annual Report FY 2024/25, Nepali balance sheet section).

Capital Allocation

Dividend Record

Source: Company self-reported (GBIME Annual Reports and Quarterly Reports as noted per row).

The switch to 100% cash distribution and zero bonus shares in FY 2024/25 and FY 2082/83 represents a change in the bank's capital distribution policy versus prior years, which typically included bonus share components.

Distributable profit: The gap between accounting PAT and distributable profit has widened. In Q3 FY 2082/83 YTD, PAT was Rs. 4.40B but distributable profit was Rs. 2.00B — a Rs. 2.40B difference absorbed by mandatory reserves and regulatory adjustments including deferred tax asset recognition (Rs. 773M negative per Q3 distributable statement). Source: GBIME Q3 FY 2082/83 statement of distributable profit.

Share Capital History

Source: GBIME Annual Reports and Q1 FY 2082/83 Interim Statements — all company self-reported.

What the Disclosures Do Not Tell Us

Public filings for GBIME leave the following material questions unanswered. These are not speculative gaps — they are factual absences in the accessed primary source documents.

1. CASA breakdown: The specific split between savings, current, and fixed/term deposits is not disclosed in the annual report pages reviewed. CASA ratio — a primary driver of funding cost and NIM — cannot be calculated. The NRB CD ratio declining from 78% (prior year Q3) to 71% (Q3 FY 2082/83) is consistent with strong deposit growth, but the composition is not confirmed.

2. Ultimate promoter ownership: IME Investment Pvt. Ltd. and DDIG Investment Pvt. Ltd. are disclosed as the promoter vehicles. The natural persons (ultimate beneficial owners) and their exact aggregate shareholding percentage are not identified in annual report pages accessed.

3. Reason for auditor change: The replacement of a four-plus-year joint audit arrangement with a new single firm — in the first year of full ECL adoption — is not explained in any NRB filing, SEBON announcement, or management communication in the sources reviewed.

4. Reason for CEO change: Why Ratna Raj Bajracharya was succeeded by Surendra Raj Regmi in August 2024 is not disclosed. Whether the transition was voluntary, board-directed, or otherwise is unknown.

5. Source of Q1 FY 2082/83 share capital increase: Share capital increased from approximately Rs. 35.12B (FY 2024/25 year-end) to Rs. 38.12B (Q1 FY 2082/83) — a Rs. 3.0B jump. The mechanism (rights issue, reserve capitalisation, merger residual, or other instrument) is not identified in the quarterly report notes. Note 10 of Q1 states only "The Bank has not made any issue and repayment of debt securities during the interim period" — which does not address equity capital movements.

6. Loan portfolio composition by sector: GBIME's ECL methodology discloses seven loan segments (Corporate, Project, Mid-Corporate, SME, Retail, Deprived Sector, Card Loans), but the size and NPL rate of each segment are not publicly available in interim reports. Sector concentration in real estate, hydropower, and domestic trading — historically the highest-NPL categories in Nepal (NRB Annual Report FY 2023/24) — cannot be assessed from current disclosures.

7. Legacy BOK loan quality: Whether the NPL deterioration from 1.25% to 4.56% over three years is concentrated in the acquired BOK book or reflects deterioration across the legacy GBIME book is not disclosed.

8. NIM and CASA by year: Net Interest Margin cannot be precisely calculated because average earning assets are not disclosed. The declining base rate trend (from 7.29% per NRB ratios at Q1 FY 2082/83 to 4.95% at Q3) is visible, but the NIM figure itself requires data not publicly available.

9. Promoter share pledging: Whether promoter-held shares are pledged against loans is not disclosed in NEPSE or SEBON filings accessed.

10. Sky Club Card and Bhatbhateni EMI metrics: No transaction volumes, card issuance figures, or portfolio balances have been published. The financial materiality of these products is unassessable from available sources.

What Supports the Franchise

The following are analytically relevant facts from the source documents — not investment assessments.

Scale and network: GBIME is the only commercial bank with branches in all 77 Nepal districts (achieved 2022, Source: GBIME Annual Report FY 2023/24). The 5 million customer accounts and 352 branches are a physical network that took approximately two decades and multiple mergers to assemble. Source: Company self-reported (GBIME Annual Reports FY 2023/24 and FY 2024/25).

Fee income growth: Net fee and commission income grew from Rs. 1.53B (FY 2020/21) to Rs. 3.22B (FY 2024/25) — a 110% increase over four years. Q3 FY 2082/83 YTD fee income of Rs. 2.61B is tracking toward an annualised Rs. 3.48B. Fee income is not directly exposed to NPL provisioning charges. Source: GBIME Annual Reports, income statements.

CD ratio headroom: CD ratio of 71.13% (Q3 FY 2082/83) against an NRB ceiling of 90% implies approximately Rs. 97B in additional lending capacity on current deposits. Source: GBIME Q3 FY 2082/83 NRB Directive ratios table.

ECL provision coverage: Loan-loss provision coverage rose from 95.34% (Q3 FY 2081/82) to 117.07% (Q3 FY 2082/83), meaning the bank's reserves now exceed its gross NPL balance. Source: GBIME Q3 FY 2082/83 NRB ratios table.

DFI relationships: BII, IFC, and KfW relationships provide access to concessional funding lines and represent an external validation of institutional standards. Source: Company self-reported (GBIME Annual Report FY 2023/24).

Key Risks

NPL trajectory: NPL has risen from approximately 1.25% (FY 2020/21) to 4.97% (Q3 FY 2082/83) over four years — a nearly fourfold increase. As of Q3, NPL is not demonstrably declining: 4.98% (Q1) → 4.91% (Q2) → 4.97% (Q3). The portion of this deterioration attributable to the acquired BOK loan book versus the legacy GBIME book is not disclosed. Source: GBIME Annual Reports and quarterly NRB ratios tables.

Capital adequacy buffer: CAR of 12.06% (Q3 FY 2082/83) sits 106 basis points above the NRB minimum of 11.0% — the narrowest observed buffer across the five-year study window. If risk-weighted assets grow faster than retained earnings, or if additional ECL charges erode equity, GBIME may require Tier 2 capital (debenture issuance or similar) within 12–18 months. Source: GBIME Q3 FY 2082/83 NRB Directive ratios table; NRB Unified Directives 2081.

NIM compression: NII has declined from Rs. 17.1B (FY 2022/23) to Rs. 16.9B (FY 2023/24) to Rs. 16.7B (FY 2024/25) to Rs. 11.88B YTD (Q3 FY 2082/83, tracking ~Rs. 15.8B annualised). This is a multi-year trend, not a single-year anomaly. The base rate fell from 7.29% to 4.95% over nine months of FY 2082/83; interest income has fallen faster than interest expense as term deposit contracts roll off more slowly. Source: GBIME Annual Reports and quarterly income statements.

Distributable profit compression: In FY 2023/24, distributable EPS was Rs. 1.40 against accounting EPS of Rs. 16.99 — a Rs. 15.59 gap per share absorbed by mandatory reserves and regulatory deductions. While distributable EPS recovered to Rs. 10.64 (FY 2024/25) and Rs. 10.50 annualised (Q3 FY 2082/83), the gap between accounting earnings and distributable earnings is significantly wider than in years prior to ECL adoption. Source: GBIME Annual Reports and Q3 FY 2082/83 statement of distributable profit.

Governance opacity: Three material events occurred within approximately 12 months: (1) unexplained CEO change (August 2024); (2) unexplained auditor change in the first year of ECL adoption; (3) promoter ownership through investment vehicles whose ultimate beneficial owners are not disclosed. None of these create a verified concern on their own, but they collectively reduce the information available to outside analysts. Source: GBIME Annual Reports FY 2023/24 and FY 2024/25.

Trailing Valuation Multiples

Current price: Rs. 239.00 (ShareSansar, June 9, 2026). Source: sharesansar.com/company/gbime, accessed June 9, 2026.

Listed shares: 381,158,528. Source: ShareSansar, June 9, 2026.

Market capitalisation (Derived): Rs. 239.00 × 381,158,528 = Rs. 91.1B (~$680M USD at NPR 134/USD).

Sources: Price from ShareSansar (June 9, 2026); NAVPS from GBIME Q3 FY 2082/83 interim report; EPS from GBIME Annual Report FY 2024/25 and Q3 FY 2082/83 quarterly report.

52-week price range: Rs. 218.90 – Rs. 278.90 (ShareSansar, June 9, 2026). Trailing P/E at the 52-week low: Rs. 218.90 / Rs. 13.32 = 16.4x. At the 52-week high: Rs. 278.90 / Rs. 13.32 = 20.9x.

These are trailing multiples — they are reported as public market facts, not as a valuation recommendation.

What to Watch

The following are the most material variables for assessing GBIME's financial trajectory in the near term. No investment recommendation is implied.

1. NPL in Q4 FY 2082/83 and FY 2083/84 Q1: A sustained decline from the current 4.97% level would indicate that the post-merger credit quality cycle is resolving and that provision charges will begin to normalise. A further increase would add pressure to both distributable profit and capital adequacy.

2. Capital adequacy management: At 106 basis points above the NRB floor, any combination of loan growth and additional ECL charges could require proactive capital-raising (debenture issuance). Monitoring whether management issues any Tier 2 instrument in FY 2082/83 or FY 2083/84, and on what terms, is relevant to understanding the capital trajectory.

3. CASA disclosure: If GBIME begins disclosing a savings/current/term deposit breakdown — as comparable institutions have — it would allow calculation of the CASA ratio and funding cost trend, which is currently the largest gap in the public financial picture.

4. Share capital Q1 FY 2082/83 explanation: The Rs. 3.0B share capital increase between FY 2024/25 year-end and Q1 FY 2082/83 remains unexplained in accessed sources. Management clarification on the instrument and terms would resolve a material ambiguity.

References