Mahesh Bank registers all time high profit of Rs 42.82crore(Before Tax) with a business mix of Rs 3561crore and declared 18% dividend for the financial year 2017-2018
Author(s): City Air NewsSeen in the pic are Purshotamdas Mandhana, Chairman along with Board members at the AGM of the Bank held in city. Hyderabad, August 1, 2018: A.P.Mahesh Co-op.Urban Bank, a Multi State Scheduled Bank functioning...
cityairnews
Aug 1, 2018 09:30
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Seen in the pic are Purshotamdas Mandhana, Chairman along with Board members at the AGM of the Bank held in city.
Hyderabad, August 1, 2018: A.P.Mahesh Co-op.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.42.82 crores for the FY 2017-18 by registering 39.80% growth over previous year. The business mix of the bank has crossed Rs.3500 Crores and declared a dividend of 18% at its Annual General Body Meeting held today at FTAPCCI Auditorium, Hyderabad.
Addressing the members at the Bank’s 42nd AGM, Bank’s Chairman Sri Purshotamdas Mandhana said that the deposits of the bank shown an increase of 3.92% over last year and stood at Rs.2306.58 from Rs.2219.61 crores. Credit portfolio increased to Rs.1254.90 crores from Rs. 1109.69 crores registering an increase of 13.09% and the profit of the bank (before tax) stood at Rs.42.82 crores from Rs.30.63 crores last year. He further said that owned funds of the bank increased to Rs.267.29 crores during the year from Rs.244.82 crores and capital adequacy ratio stood at 17.28% as against the RBI stipulation of 9%. Sri Mandhana further said that the bank is declaring 18% dividend continuously for the past couple of years.
Initially, addressing the shareholders Sri Mandhana has said that the growth in Indian Banking Sector continued to remain static during the financial year due to low credit off-take and diversion of investor’s funds to other avenues. He further said most alarming factor in the Sector is surge in NPAs and during the year.
Sri Mandhana said that the bank continues to be at the forefront of leveraging technolog to improve the customer experience and introduced Bharat BillPay, BHIM MaheshPay, Mobile Banking, Internet Banking and Customer Engagement services viz., Toll free services for account balance, loan enquiry, account statement, cheque book request, missed call service to get last 4 transactions in the account, statement of account by email, RTGS, NEFT from its own platform at all branches, RuPay ATM Card etc.
