Visakhapatnam-based Kanaka Mahalakshmi Co-operative Bank has reported a robust financial performance for the fiscal year ending March 31, 2025, according to its 26th Annual Report finalized recently.
The Bank, which has been operational since July 9, 1999, has completed 26 years of profitable and uninterrupted banking service, earning the trust of its customers across Andhra Pradesh.
Named after Goddess Kanaka Mahalakshmi, the presiding deity of Visakhapatnam and a symbol of wealth, the Bank continues to reflect her virtues through consistent financial growth and stability. For FY 2024–25, the Bank recorded a 19.58% surge in deposits, reaching Rs 1,019.87 crore from Rs 852.86 crore in the previous year.
Similarly, advances grew by 18.92%, climbing from Rs 571.23 crore to Rs 679.33 crore. The overall business mix rose by Rs 275.11 crore to Rs 1,699.20 crore, registering a 19.31% year-on-year growth, well above industry benchmarks.
Net profits for FY 2024–25 stood at Rs 11.20 crore, up from Rs 10.66 crore in the previous year. Remarkably, the Bank has maintained zero net NPAs for the third consecutive year, with gross NPAs remaining below 2%. The Capital to Risk-Weighted Assets Ratio (CRAR) remains strong at 16.21%, reinforcing the Bank’s financial soundness.
Kanaka Mahalakshmi Co-operative Bank has consistently rewarded its shareholders, declaring annual dividends ranging from 12% to 20%. The dividend for FY 2024–25 will be announced at the Annual General Body Meeting scheduled for June 27.
Looking ahead, the Bank has set ambitious targets for FY 2025–26. It aims to cross Rs 1,200 crore in deposits, Rs 800 crore in advances, and achieve net profits of Rs 12.82 crore.
Importantly, the Bank has secured approval from the Reserve Bank of India to open five new branches.
One branch has already begun operations in Vijayawada, with two more set to launch shortly. The remaining two branches are expected to open by September 2025, expanding the Bank’s network from 34 to 38 branches.
The leadership also reaffirmed its goal of attaining scheduled bank status by April 2026. CEO K. Syam Kishore emphasized that Kanaka Mahalakshmi Co-operative Bank is now among the top three primary urban cooperative banks in Andhra Pradesh, both financially sound and well-managed.
