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.
6 of 35 reports
Company Research
5 reportsNabil Bank (NEPSE: NABIL) — Company Deep Dive
Nabil Bank is Nepal's largest private commercial bank by market capitalization, with NPR 636.8 billion in total assets after the NB Bank merger. At 4.48% gross NPL, a 9.77% ROE below cost of equity, and a non-dilutive NPR 8 billion recapitalization completed in FY2082/83, the key question is whether the credit recovery survives the FY2082/83 annual audit.
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.
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.
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.
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.