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Our Bureau

Net increases to Rs 5 cr

Hyderabad , April 18

The AP Mahesh Co-operative Urban Bank Ltd plans to introduce "anywhere banking" at all its branches, increase working hours and has applied for a licence to the Reserve Bank of India to take up foreign exchange business.

Announcing these plans, the bank said its net profit increased to Rs 5.05 crore during fiscal 2005-06 from Rs 4 crore recorded during the previous year. The deposits rose to Rs 369.88 crore (Rs 340.15 crore), while the advances grew to Rs 184.37 crore (Rs 157.79 crore), as per the unaudited results.

While the capital and reserves of the bank stood at Rs 108.14 crore, total investments were pegged at Rs 294 crore and the net NPAs (non-performing assets), continued to be zero, the release said.

The working capital increased from Rs 495.71 crore to Rs 517.69 crore at the end of fiscal 2005-06 and the capital adequacy ratio was 38 per cent against 9 per cent prescribed by the RBI.

The Mahesh Bank, which commenced operations in 1978 attained Scheduled status in 1996 and has become a multi-State cooperative urban bank in 2001.

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