Money & Banking

AP Mahesh Co-operative Urban Bank gets scheduled status

| | Updated on: May 01, 2011

The AP Mahesh Co-operative Urban Bank Ltd, a scheduled co-operative bank, has announced that business has crossed Rs 1,500 crore, with its business increasing from Rs 1,243.09 crore last year to Rs 1,513.20 crore for the financial year ended March 31, 2011.

The bank registered profit (before tax) of Rs 121.43 crore for the year. Profit after tax was up at Rs 21.43 crore from Rs 19.33 crore.

With a network of 34 branches — 26 of them in Hyderabad and Secunderabad, six branches in other districts and one each at Jaipur and Mumbai — the co-operative urban bank is the first of its kind in the State to achieve the scheduled status. It is registered as a multi State co-operative urban bank.

Addressing media persons, the bank's Chairman, Mr Ramesh Kumar Bung, said various financial segments have shown substantial growth. Deposits have gone up to Rs 907.58 crore against Rs 785.85 last year indicating an increase of over 15.49 per cent, and advances increased to Rs 605.62 crore against Rs 457.24 crore. The bank is targeting business of Rs 1,800 crore this year.

The working capital has gone up to Rs 1,075.82 crore from Rs 938.66 crore — an increase of 14.61 per cent — and capital and reserves were at Rs 144 crore as against Rs 131.46 crore last year. The credit deposit ratio is 66.73 per cent.

The Chairman said gross income increased from Rs 98 crore to Rs 108 crore registering an increase of Rs 10 crore in spite of the tough competition in the market among the public and private sector banks. Prudent lending and effective recovery mechanism have driven us on the path of increased profitability.

Mr Bung said that the bank is opening two more branches. He said the RBI has permitted the bank to extend its area operation to Maharashtra, Rajasthan and Gujarat.

Published on May 01, 2011

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