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Andhra Pradesh
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Hyderabad
Mahesh Cooperative Urban Bank's profit up by 39 per cent
Special Correspondent
HYDERABAD:
City-based AP Mahesh Cooperative Urban Bank has announced profit before taxes for the year ended March 31, 2007.
It had a total business of Rs. 675 crores and achieved a profit of Rs. 6.75 crores which is up 39 per cent from the Rs. 4.87 crores last year.
At a press conference here on Tuesday, bank chairman Ramesh Kumar Bung said they were working to achieve a business level of Rs. 1,000 crores by the year 2010.
Other targets included implementation of `Anywhere Banking' solutions across all its branches by May, 2007, taking up forex business and expand branch network in Telangana districts.
The bank's advances went up from Rs. 184.35 crores to Rs. 261 crores, a growth in deposits from Rs. 369.88 crores to Rs. 414.64 crores and a working capital growth of Rs. 44.76 crores ( up 12 per cent), while non-performing assets continued to be zero.
Also present was the bank's CEO and MD, R.S. Jaju.
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