Mahesh Bank registers a Profit before tax of Rs 42.85crore
Hyderabad, April 26, 2018….Mahesh Bank, a Hyderabad based 40 years old, bank achieves a unique distinction. It registered a landmark achievement of registering profit before tax stands at Rs 42.85 crore while it was 30.63 crore during the same time last year, shown a growth of 39.90%, and crossed a total business turnover of Rs 3500 crore in this fiscal ending 31st March 2018, which is the highest ever recorded history in the bank.
Disclosing this addressing a press conference here in the city, Purshotamdas Mandhana, Chairman said Mahesh Co-operative Urban Bank is the leading Multi State Scheduled Bank of South India.
The bank has registered an all time record performance. It’s deposits touched all time high Rs 2308 crore, advances Rs 1255crore. Recorded a profit(before tax) Rs 42.85 crore, earned Rs 248.89 crores in interest. The total income touched Rs 258.89 crore informed Mandhana, Chairman of the Bank.
Adding further, Ramesh Kumar Bung, Chairmen Emeritus stated that the total business of the bank grew by 7.02% year –on-year from Rs 3329.30crore to Rs 3562.88crore. While the total deposits reached to Rs 2307.98 crore from Rs 2219.61 crore thereby registering a growth of 3.98%. The advances grew 13.09% and stood at Rs 1254.90 crore from Rs 1109.69 crore, informed Ramesh Kumar Bung.
Umesh Chand Asawa, Managing Director stated that the total income stood at 258.89 crore which is 9.37% growth compared last year income of Rs 236.71crore. The interest earned too grew and now stands at Rs 248.89crore compared to Rs 226.90crore last year and clocks a 9.69% growth rate. The CD Ratio of the bank stands tall at 54.37% from 49.99% last year.
The bank has set its eyes on to achieve a business level of Rs 4200crore during the current fiscal, 2018 and 2019. We have also set an ambitious target of CD Ratio of 60%, CASA of 30% and NPA under 3%, declared Ramesh Kumar Bung.
Another feather in its cap is its state of the art modern corporate office. It has constructed its own corporate office of 60,000sft, with the state-of-the-art architecture, interiors and design. Rs 45 crore is invested in the same. It has an e-lobby, which is already functioning. The building meets the highest environmental and quality standards. It is located at Road No. 12, Banjara Hills and will be moving to its posh office very soon. Mahesh Bank is the first Co-operative Urban Bank in Telangana and Andhra Pradesh, both the Telugu states to own such a multi-storeyed, future ready office premises.
The construction of new office makes further strides in the bank’s current transformation with modern collaborative spaces that are supported by advanced technology. It also addresses issues such as customer convenience and employee well being.
Purshotamdas Mandhana further stated that presently the bank is offering the Digital Banking Services like EMV Chip based RuPay Debit Card; in addition to our own 12 ATMs, accepted at any Bank ATM in the Country ; NEFT/RTGS/NG-RTGS on own SFMS platform; POS services; IMPS (Immediate Payment Service);Internet Banking facility Bharat Bill Payment System (BBPS)for payment of e-payments viz., telephone, electricity, water, municipal tax and also for flight tickets and hotel bookings; NACH system (National Automated Clearing System) for ECS Debit/Credit Mandate CTS (Cheque Truncation System) facility E-LOBBY - Cash Deposit, Cheque Deposit, Pass Book & Information Kiosks; Account Statement through registered e-mail.
Also offering Techno-savvy services like Toll Free Banking Service - to know account balance, loan enquiry, account statement & cheque book request; Personalized cheque book facility; Total branch network is CBS (Core Banking Solution) enabled platform; Missed Call Service to get instant SMS of last 3 transactions on the registered mobile ; Customer Contact Centre; one STOP HUB to know the products & services offered by the bank and CKYC registration.
In addition to the offering of Digital Banking, Techno-savvy services, the bank is extending its services like Bancassurance - Life Insurance Solutions in tie up with LIC of India & Max Life Insurance Company and for General Insurance in tie up with New India Assurance Co.,Ltd; Mutual Fund business in tie-up with Reliance Capital Asset Management Co. Ltd; Acceptance of NR(E) Deposits; Foreign Exchange Transactions under AD-II category; Tax Savings Deposits under Section 80C of Income-tax Act; Aadhar Enabled Payment System (AEPS) & Direct Benefit Transfer(DBT) facility to get LPG Gas subsidy .
The bank doesn’t lagbehind on the technology front too. Itis current and upto date in terms technological changes that are sweepingacross the banking industry. The bankhas already introduced advanced version of Techno-Savvy-Services –“Hotlistingof RuPay Debit Card”, “Aadhar Enabled Payment System(APES)”, “Unified PaymentInterface(UPI)’ “Authentication User Agency (AUA)” and KYC User Agency(KUA)etc.
With changing technologycomes the need to adapt and evolve. Mahesh Bank has kept pace with the technology in improving way ofworking of the bank.
The management of the bankis keenly observing new wave of technologies such as Blockchain Technologywhich is set to fundamentally transform banking and financial services. It decentralizes financial management from acentral authority to a widespread network of computers. We are eagerly observing the developments inthis sphere. When time ripe, we willadapt to such technology if the need demands, the management added.
With Futuristic DigitalProducts, the bank is future ready keeping in view of the changing preferencesof customers. We are on par with thebest in the industry in terms of technology decalred Purshotamdas Mandhana, Chairman of the Bank.
Other ambitious plans ofbank are to expand its network to 47 branches of which one is in Mumbai and twoin Rajasthan and rest of them are Telugu states. Soon it plans to open two newbranches one each at Ichalkaranji andLatur in Maharashtra, added Rampal Attal, Vice Chairman of the bank. We have already submitted our proposal to RBIand awaiting its approval, he added. Itmay take one year to open these two branches.
The bank with modestbeginning in the year 1978 now spread across four states—Telangana, AndhraPradesh, Rajasthan and Maharashtra. Ithas 45 branches spread over in these four states. Mahesh Bank is the only Urban Co-operativeBank in the state of Telangana to have the presence in 4 states.