KATHMANDU: The 20th annual general meeting (AGM) of NIC Asia Bank has approved the proposal to distribute 20 per cent bonus shares.

According to the bank, after distributing the bonus shares, the paid-up capital of the bank will stand at Rs 8.03 billion, which will meet the minimum requirement set by Nepal Rastra Bank.

Officials of the bank informed during the AGM that the bank had been able to increase deposits by 25 per cent and loans by 22 per cent in the last fiscal year, which is 4.15 per cent of the total deposits and 6.7 per cent of total loans in the banking industry, respectively.

The bank is operating 121 branches across the country. Of them, 53 branches were opened in the last fiscal year.