AP Mahesh Bank eyes Rs 4,200 cr turnover in FY 2018-19 "

City-based AP Mahesh Co-operative Urban Bank Ltd today said it has crossed a total business turnover of Rs 3,562 crore for fiscal ending March 2018 and is eyeing a turnover of Rs 4,200 crore during financial year 2018-19.

AP Mahesh Bank, a multi-state Scheduled Bank, registered profit of Rs 42.85 crore (March 2018) before tax while it was Rs 30.63 crore during the same period last year, the bank's Chairman, Purshotamdas Mandhana told reporters here.

"The bank deposits touched all time high of Rs 2,308 crore, advances Rs 1,255 crore and it earned Rs 248.89 crore in interest. The total income touched Rs 258.89 crore," he said.

AP Mahesh Bank, Managing Director, Umesh Chand Asawa said the bank has targetted to achieve a business level of Rs 4,200 crore during the current fiscal 2018-19.

"We have also set an ambitious target of CD Ratio of 60 per cent, CASA of 30 per cent and gross NPA under 3 per cent from the current 4.48 per cent," he added.

The bank, which has 45 branches spread over four states of Telangana, Andhra Pradesh, Rajasthan and Maharashtra has plans to open two new branches"at Ichalkaranji in Maharashtra and Surat in Gujarat, the top bank officials said adding they had already submitted a proposal to RBI in this regard and were awaiting its approval.