Andhra Pradesh based Mahesh Urban Multi-State Scheduled Cooperative Bank covering Telangana, Andhra Pradesh, Rajasthan and Maharashtra, has registered a profit (before tax) of Rs. 22.65 crore and profit after tax stood at Rs 17.32 crore for the FY 2022-23. This was revealed at the bank’s 47th AGM.
The bank’s owned funds increased to Rs.398.35 crore from Rs 390.19 crore, Book Value per share stood at Rs 249.42 and the earnings per Share is Rs.10.67. Despite adverse scenarios, the Bank could contain Gross NPA to 7.99% from 8.48% and Net NPAs stood at “Zero” informs a press release issued by the bank.
The bank has set a target of achieving the business of Rs 3900 crores and reducing Gross NPA to the level of Rs.40 crores during 2023-24. The bank functions with a network of 45 branches covering 4 States.
Speaking at the Annual General Meeting held recently in Hyderabad, Ramesh Kumar Bung, Chairman of the bank expressed gratitude towards shareholders and customers for reposing the trust on the bank despite all odds. Bung mentioned the pending litigation in the Court of Law connecting to elections to the Board of Directors held during 2020.
He said the Court had passed an interim order on 08.01.2021 not to take policy decisions affecting the affairs of the bank, the Board could not take the policy decision including recommending the dividend and ex-gratia for the FY 2022-23.
Virendra K. Khandelwal, MD & CEO stated that the bank is putting all out efforts to regain the past glory of the bank and urged the shareholders to continue to extend their co-operation and support for further growth of the bank.
Mahesh Bank is offering techno-savvy services such as CBS, Internet Banking, Retail & Corporate Module, UPI, Prepaid Payment Instrument, Mobile Banking, ATM RuPay Debit Card and Positive Pay. The bank also intends to introduce Artificial Intelligence [AI]
Mahesh Bank popularly known as Andhra Pradesh Mahesh Bank, commenced its operations in August, 1978 at Hyderabad. It was conferred the Scheduled Status by RBI in 1996 and was registered under the Multi – State Co-operative Societies Act in the year 2001.
