LAHORE, Feb 20: The board of directors of Prime Bank Limited on Monday recommended issuance of 18 per cent bonus shares, that is, 18 shares for every 100 shares held by the bank’s shareholders.

The recommendation was made by the directors during a meeting held with Abdul Elah A Mukred, representative of the majority shareholder of the bank, the Arab Asian International Holding, to approve the audited accounts of the bank for the year ending December 31, 2005.

Bank’s president Saeed I. Chaudhry informed the board of directors that the bank’s profits, total assets and deposits had grown by 46 per cent, 33 per cent and 29 per cent, respectively, during 2005 over the previous year. The bank has already taken initiatives in Islamic banking and asset management business to position itself for solid and sustainable growth. The bank’s shareholders will approve the issuance of bonus shares recommended by the board of directors at the AGM scheduled for March 15.