KATHMANDU: NIC Asia Bank successfully hosted its 19th annual general meeting (AGM) chaired by the bank’s Chairman Jagadish Prasad Agrawal here on Tuesday.

The AGM has approved the statement of accounts, balance sheet, profit and loss account and other details of fiscal 2015-16 as recommended by the board of the bank, as per a media release.

The AGM has also approved 26 per cent bonus share from the profit of fiscal 2015-16 and 1.37 per cent cash dividend for tax purpose and also 15 per cent rights share after the distribution of bonus share as a special agenda of the meeting along with all other proposals that were proposed at the AGM. Despite the unfavourable situation, the bank posted growth of 37 per cent on total loans and advances and 27 per cent and 57 per cent growth in gross operating and net profit of Rs 1.56 billion and Rs 1.07 billion, respectively, resulting in 11 per cent growth.