NIC Asia Bank proposes 30.5263% dividend for fiscal year 2079/80

KATHMANDU: According to the decision of the 629th meeting of the board of directors of NIC Asia Bank Limited held on Thursday, it has been proposed to distribute 30.5263 percent of the bank’s paid-up capital (Rs 3 billion 53 crore 64 thousand 796 rupees) from the profits and accumulated profits of this bank for the financial year 2079/80.

The meeting has decided to provide 29 percent of the proposed dividend as bonus shares (Rs. 3 billion 35 million 35 million 61 thousand 556 rupees) and 1.5263 percent of cash dividend (Rs. 17 crores 65 lakhs 3 thousand 240 rupees) for dividend tax purposes.

The proposed dividend would be issued to bank shareholders following the approval of Nepal Rastra Bank’s upcoming 26th Annual General Meeting and the relevant regulatory process.

NIC Asia Bank is one of the banks in the country with the most banking networks. Across the country, this bank has expanded 360 branch offices, 608 ATMs, 119 extended counters, and 61 branchless branch networks.

This bank has served around 25% of the economically active population aged 20 to 50 years out of the total population of the country.

Practicing responsible banking to support the country’s economy and high economic growth, the bank has been successful in paying more than 23.58 billion in revenue directly and indirectly to the government of Nepal since its inception, and the bank has been successful in paying more than 3.66 billion in revenue to the government of Nepal in the most recent fiscal year.

For financial inclusion, branches are being expanded and operated in rural districts where banks and financial institutions are few, such as Mugu, Kalikot, Bajhang, Rukum, Jumla, and Salyan, as well as in more than 34 local bodies where no banks or financial institutions exist.

The bank has established its 725 branch offices in rural and small urban areas where more than 805 of the total population of the country live.