Kathmandu: NIC Asia Bank Limited successfully concluded its 28th Annual General Meeting (AGM) today at the Army Officers’ Club in Bhadrakali, Kathmandu.
During the assembly, shareholders conducted an extensive review and officially approved the bank’s annual financial reports for the fiscal year 2024/25.
These approved documents included the Board of Directors’ report, the auditor’s report, and essential financial statements such as the balance sheet, profit and loss accounts, and cash flow statements as of the end of the fiscal year.
In a move to further strengthen the institution’s capital base, the meeting unanimously endorsed the Board’s proposal to issue right shares. The bank is set to offer these shares to its existing shareholders at a ratio of 2:1 based on its currently maintained paid-up capital.
This issuance remains subject to final approval from the relevant regulatory authorities. Additionally, the assembly discussed and passed several other strategic resolutions aimed at enhancing the bank’s operational efficiency and long-term growth.
The AGM also marked a significant change in the bank’s leadership through the election of a new Board of Directors.
Representing the promoter shareholders, Ashok Kumar Agrawal, Ram Chandra Sanghai, and Jayant Kumar Agrawal were elected unopposed. On the public shareholders’ side, Aditya Kumar Agrawal, Keshav Prasad Lamsal, and Anupa Pradhan Rajbhandari were also elected without opposition. This newly formed board is expected to provide strategic direction and oversight as the bank continues its expansion in the competitive Nepali financial market.
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