Tech-savvy: AP Mahesh bank earns impressive profit

The results are showing. AP Mahesh Cooperative Bank’s efforts to scout talents is reflected in its growth for the current financial year- its profit jumped from Rs 30 to Rs 42 crore in flat one year.

The Bank has crossed a total business turnover of Rs 3,562 crore for fiscal ending March 2018 and is eyeing a turnover of Rs 4,200 crore during the financial year 2018-19, reports PTI.

The UCB registered a profit of Rs 42.85 crore before tax, the bank’s Chairman, Purshotamdas Mandhana told reporters in Hyderabad on Thursday.

“The bank deposits touched all time high of Rs 2,308 crore, advances Rs 1,255 crore and Rs 248.89 crore in interest. The total income touched Rs 258.89 crore,” he said.

It bears recall that the technology conscious UCB had signed an MoU with Times Pro, a part of Times Professional Learning to recruit trained staff at branch offices across the country.

The bank’s Managing Director, Umesh Chand Asawa had said there are about 600 employees in the bank and in the first phase they are planning to train around 140 employees of the bank. Times Pro will offer courses like PGD in Banking and Financial Services, among others, he added.

Asawa also said the bank has aimed to achieve a business level of Rs 4,200 crore during the current fiscal 2018-19. “We have also set an ambitious target of CD Ratio of 60 percent, CASA of 30 percent and gross NPA under 3 percent from the current 4.48 percent,” he noted.

The bank, which has 45 branches spread across Telangana, Andhra Pradesh, Rajasthan and Maharashtra has plans to open two new branches”at Ichalkaranji in Maharashtra and Surat in Gujarat, the top bank officials said adding they had already submitted a proposal to RBI in this regard and were awaiting its approval.

Earlier, Umesh Chand Asawa, CEO of A.P.Mahesh Co-operative Urban Bank was elected as the Member of the managing committee of Indian Banks Association (IBA) in its 70th AGM held last year in Mumbai. Union Finance Minister Arun Jaitley was the chief guest on the occasion.

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Comment ( 1 )

  1. Bajirao

    Very great results. Congratulations team AP Mahesh Bank.

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