The Andhra Pradesh Mahesh Co-operative Urban Bank, a multi-state scheduled cooperative bank, has recorded a 26.04 per cent growth in its business for the financial year 2011-12. The bank has recorded Rs 1,907 crore business for the financial year 2011-12, as against Rs 1,513 crore in the previous year, with deposits of Rs 1,161 crore and advances of Rs 746 crore.
The bank has declared a 21 per cent dividend at its 36th annual general body meeting held on Monday at Hyderabad.
“For the current financial year 2012-13, the bank has set a target of achieving Rs 2,400 crore worth of business, with gross profit of Rs 28 crore, CD ratio of 67 per cent by maintaining the zero per cent NPA (non performing asset), which the bank has been achieving over the last eight years,” Ramesh Kumar Bung, chairman of the bank, said.
The bank is planning to increase its network of branches to 43 from the current 39 branches. The bank has also introduced Inter-bank Mobile Payment Services (IMPS), an emerging alternate delivery channel for funds transfer, on a pilot basis which allows customers to transfer funds through mobile phone.