Mahesh Bank registers record high profit of Rs 54cr

Mahesh Bank registers record high profit of Rs 54cr

Agency News

Hyderabad, Sep 7 : Andhra Pradesh Mahesh Co-operative Urban Bank, a Multi State Scheduled Bank functioning with a network of 45 branches covering 4 States-- Telangana, Andhra Pradesh, Rajasthan and Maharashtra, has registered ever recorded profit (before tax) of Rs 54.43 crore in the fiscal 2018-19 by registering 27.11 per cent growth over the previous financial year.

The business mix of the bank has crossed Rs 3829 crore and declared a dividend of 20 per cent at its Annual General Body Meeting held here on Saturday, a bank statement here said.

Bank Chairman Purshotamdas Mandhana told the AGM  that deposits of the bank showef an increase of 5.41 per cent over last financial year and stood at Rs 2431.28 crore from Rs 2306.58 crore.

The credit portfolio increased to Rs 1397.85 crore from Rs 1254.9 crore.
He said owned funds of the bank increased to Rs 303.57 crore during the last financial year from Rs 267.29 crore and capital adequacy ratio stood at 17.66 per cent as against the RBI stipulation of 9 per cent. T

The bank set a business level goal of Rs 4,300 crore with deposits of Rs 2,650 crore and advances of Rs 1,650 crore, profit of Rs 65 crore, and gross NPAs below 3 per cent.