NIC Asia Bank’s dividend proposal has been canceled. The bank has decided to cancel the proposed dividend after the Nepal Rastra Bank did not give its approval.
NRB did not approve the dividend, saying NIC Asia’s capital conservation buffer was insufficient.
The bank had proposed to distribute 15 percent bonus share of the existing paid up capital and 0.78947 percent cash dividend for tax purposes from the profits of FY 77/78 and distribute a total of 15.78947 percent dividend. At present, the paid up capital of the company is 11 arba 56 crore 40 lakh.
The bank has apologized for the inconvenience.