Hyderabad, Sept.21 (NSS): Andhra Pradesh Mahesh Co-op. Urban Bank, a Multi-State Scheduled Bank functioning with a network of 45 branches covering four States, Telangana, Andhra Pradesh, Rajasthan and Maharashtra, has registered a profit (before tax), of Rs 69.51 crore and profit after tax stood at Rs 49.56 crore for the FY 2023-24 as against Rs 22.65 and Rs 17.32 crore respectively for the FY 2022-23.
Owned funds increased to Rs 444.20 crore from Rs 398.35 crore, Reserves and Surplus also sizeably increased to Rs 412.98 crore from Rs 366.41 crore. Book Value per share stood at Rs 284.53 from Rs 249.42 and the earnings per Share is Rs 31.35 as against Rs 10.67 last year. Bank could contain Gross NPA to 6.04% from 7.99% and Net NPAs stood at “NIL.”
The bank has set a target of achieving the business of Rs 3300 crore during the FY 2024-25; and aim to improve the pace of CASA mobilization, increase of CD Ratio by increasing the quality advances with major thrust on small ticket advances and increase in gold loan portfolio.
Speaking at the 48th Annual General Meeting of the Bank held today at its Head Office, Banjara, Hills, Ram Narayana Boga, Officer appointed by High Court of Telangana for running the administration and managing day-to-day affairs of the bank, including taking policy decisions expressed gratitude to shareholders and customers for reposing the trust on the bank despite all odds.
- Arvind, MD & CEO stated that the bank is putting all out efforts to regain the past glory of the bank and requested the shareholders to continue to extend their co- operation and support for further growth of the bank. He also clarified the queries raised by the members present at the meeting on various issues concerning the financial statements.
CA Ramdev Bhutada, Chairman, CA Kishan Gopal Maniyar, CA S B Kabra, Er. Praveen Kumar Baheti, members of the Board of Management, Bhagwati Devi Baldwa, Arun Kumar Bhangadia, Bhagwan Panswari, CA Murali Manohar Palod, Anita Soni, Board of Directors, Ramnivas Soni, Devender Jhawar, Shyam Sunder Mundada, former directors and shareholders of the bank attended the meeting.
