How to resize NSImage?

I have an NSBitmapImageRep which is WxH size.

I create NSImage and call addRepresentation:. Then I need to resize the NSImage.

I tried setSize method but it doesn't work. What should I do?

Edit: Since this answer is still the accepted answer, but was written without Retina screens in mind, I will straight up link to a better solution further down the thread: Objective-C Swift 4

Because the method of Paresh is totally correct but deprecated since 10.8 I'll post the working 10.8 code below. All credit to Paresh's answer though.

- (NSImage *)imageResize:(NSImage*)anImage newSize:(NSSize)newSize {
    NSImage *sourceImage = anImage;
    [sourceImage setScalesWhenResized:YES];
    
    // Report an error if the source isn't a valid image
    if (![sourceImage isValid]){
        NSLog(@"Invalid Image");
    } else {
        NSImage *smallImage = [[NSImage alloc] initWithSize: newSize];
        [smallImage lockFocus];
        [sourceImage setSize: newSize];
        [[NSGraphicsContext currentContext] setImageInterpolation:NSImageInterpolationHigh];
        [sourceImage drawAtPoint:NSZeroPoint fromRect:CGRectMake(0, 0, newSize.width, newSize.height) operation:NSCompositingOperationCopy fraction:1.0];
        [smallImage unlockFocus];
        return smallImage;
    }
    return nil;
}