7th March 2025, Kathmandu
NIC Asia Bank successfully hosted its 27th Annual General Meeting (AGM) today at the Army Officers’ Club in Bhadrakali, Kathmandu. The meeting brought together board members, shareholders, and key stakeholders to discuss the bank’s financial performance and future strategies.
NIC Asia Bank AGM
Various important decisions, including financial approvals and policy amendments, were reviewed and passed during the session. The AGM marked a significant step in the bank’s ongoing commitment to growth, innovation, and financial stability.
Review of Financial Reports and Approvals
The AGM covered key financial matters for the fiscal year 2022/23. These included discussions and approvals on the Board of Directors’ Report, the Auditor’s Report, and the annual financial statements. The financial reports reviewed included the balance sheet, profit and loss statement, and cash flow statement for the period ending mid-July 2024.
The meeting also approved updates to the bank’s Memorandum of Association and Articles of Association to reflect current operational needs.
Issuance of Perpetual Preference Shares
A major decision at the AGM was the approval for the bank to issue NIC Asia Perpetual Non-Cumulative Preference Shares. The proposal, as recommended by the Board of Directors, was to issue shares worth NPR 5 billion at NPR 100 per share. The bank will now seek the necessary approvals from the concerned regulatory authorities before proceeding.
This issuance aims to strengthen the bank’s capital base and provide additional funding for its ongoing projects and expansion plans.
Positive Outlook for the Bank’s Future
The AGM marked a significant step in NIC Asia Bank’s ongoing growth and development. The approved reports and the new issuance of preference shares will support the bank’s strategic initiatives.
By improving its capital structure, the bank is positioning itself for greater growth and better financial performance in the coming years. With continued investment in innovative banking solutions, NIC Asia aims to maintain its leadership in the financial sector of Nepal.
The meeting concluded with the confidence that the bank will continue to serve its customers with quality financial products and services while contributing to the growth of Nepal’s economy.