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