The Hindu Business Line : AP Mahesh co-op bank to focus on advances

THE AP Mahesh Cooperative Urban Bank Ltd, the Hyderabad-based multi-State scheduled co-operative bank, plans to go aggressive on its advances portfolio to improve profitability.

Addressing shareholders at the annual general meeting here on Wednesday, its Chairman, Mr Ramesh Kumar Bung, said the bank plans to increase the advances to Rs 200 crore by fiscal 2006 by stepping up its marketing efforts. The bank's advances are now at Rs 158 crore, while deposits stood at Rs 352 crore.

The bank owned funds now stand at over Rs 100 crore and the capital adequacy ratio amounts to 44 per cent as at the end of March 2005 against a minimum prescribed limit of nine per cent by the Reserve Bank of India. Having recorded a net profit of Rs 4 crore for the fiscal ended March 2005, the bank declared a dividend of 15 per cent for the year, according to a press release.

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AP Mahesh co-op bank to focus on advances