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The A.P. Mahesh Co-operative Urban Bank, a multi-State Scheduled Co-op Bank has achieved a business level of above Rs 1,500 crore (Rs 1,243 crore) by registering 21.72 per cent growth over the previous year. It declared dividend of 24 per cent,
Addressing members at the 35th Annual General Body Meeting (AGM), here on Wednesday its Chairman, Mr Ramesh Kumar Bung, said deposits were Rs 907.58 crore and advances Rs 605.61 crore. The bank earned a gross profit of Rs 21.58 crore.
The bank continues to maintain zero percent NPA (non-performing asset) level for the past seven years.
Expansion
As a part of the branch's expansion programme, the bank has obtained permission from the RBI to open another three branches at Champapet, Seethaphalmandi and Chintal in the twin cities of Hyderabad and Secunderabad. The network of branches would increase to 39 from the present 36 shortly, Mr Bung said.
The RBI has acceded to the request of the bank to extend its area of operation to Maharashtra, Rajasthan and Gujarat. Mr Bung added that NFS (National Financial Switch) has accorded membership to the bank which enables customers to have access to more than 78,000 ATMs throughout the country to do their transactions.
Mr Bung hoped that the bank will soon achieve the business level of Rs 1,800 crore with a gross profit of Rs 25 crore, a CD ratio of 67 per cent and continues to maintain zero per cent NPAs.
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