Mahesh Bank Registers 7.48% Business Growth For The Financial Year 2020-21; Despite Challenging Times!
Aggregate business grows to 4449.76 Cr., this year from the previous Rs ‘4140.06 cr.
Hyderabad, September 29: Andhra Pradesh Mahesh Co-op. Urban Bank, a Multi-State Scheduled Bank functioning with a network of 45 branches covering 4 States, Telangana, Andhra Pradesh, Rajasthan and Maharashtra, has registered a profit (before tax), of Rs. 44.20 crores, for the FY 2020-21, as against Rs 58.70 crores recorded the year before and profit after tax stood at Rs 34.19 crores. The bank’s aggregate business increased by 7.48% from Rs ‘4140.06 crores previous financial year to 4449.76 Crores in the FY 2020-21. The Deposits registered a growth of 14.11%, increasing to Rs ‘2963.73 crore from ‘2597.15 crore in the previous year. Advances stood at ‘1486.03 crore as against ‘1542.91 crore in FY 2020-21. Owned funds increased to 367.91 crore from ‘336.88 crore registering a growth rate of 9.21%. The Book Value per share is at Rs 211.86 and the earnings per Share is ‘19.69. All the Branches registering profit except one. Despite adverse scenario, Bank could contain NPAs at Rs. 74.95 crore (Gross) 5.04%. Net NPAs continues to be “Zero.”
The Board of Directors of the Bank declared a dividend of 20% on Pro-rata basis for the 2020-21, for the shareholders, at the 45th Annual General Body Meeting held on 29.09.2021. at its Head Office at Banjara Hills, Hyderabad, says Shri Ramesh Kumar Bung, Chairman, Andhra Pradesh Mahesh Co-Operative Urban Bank Ltd.
BUSINESS GROWTH PLAN FOR THE CURRENT YEAR:
In view of the disruptions caused by the COVID-19 on business & industry, Business goals for the year 2021-22 are, conservatively estimated, as under.
- Aggregate business of 4800.00 crore
- Profit before tax of 38.00 crore and
- Reduction in Gross NPAs by 50%
Bank has applied to RBI for opening 3 more branches at Ichalkaranji & Latur in Maharashtra and Surat in Gujarat and one Extension counter in Bhilwara, Rajasthan and is awaiting RBI approval for the same.
HEALTH INSURANCE PRODUCTS:
The Board has approved to enter a tie-up with Go Digit General Insurance Co Ltd., to market their Health Insurance plans under Master Policy, for a sum assured amount of Rs.2.00 lakhs, 3.00 lakhs, Rs. 5.00 lakhs & above. All the account holders can avail this Family Health Floater Plans facility at competitive prices.
Sri Umesh Chand Asawa, MD & CEO clarified the queries raised by the members present at the meeting on various issues concerning the financial statements. Number of shareholders raised the issue of alleged Shareholders Welfare Association represented by its President Sri Omprakash Modani about their filing baseless allegations and filing court cases stating that they are filing them on behalf of the Share Holders Association. Shareholders present stated that they have not given any mandate to Sri Modani for filing such Court Cases.
Shareholders present at the meeting have unanimously resolved that the action of alleged Share Holders Association is against the interest of the bank and its President Sri Omprakash Modani is working for his selfish goal against the interest of the bank and damaging the reputation of the organisation. As such on the appeal of shareholder present, the General Body unanimously resolved to take action against the President Sri Omprakash Modani and other Office Bearers of the Shareholders Welfare Association and remove them from the membership of the bank.