Hyderabad, August 12: AP Mahesh Cooperative Urban Bank Limited with a network of 30 branches has declared a dividend of 22 per cent to its shareholders for the financial year 2008-09.
Bank’s Chairman Ramesh Kumar Bung while addressing the shareholders at its 33rd Annual General Body Meeting today said that the business of the bank has crossed the milestone of Rs 1,000 crore which was the first ever record among the urban banks of the State of Andhra Pradesh.
The aggregate deposits of the bank stated at Rs 640 crore (24 per cent growth over previous year) and advances Rs 379 crore (16 per cent growth over previous year), he said.
For the year 2008-09, the bank registered a profit of Rs 16.29 crore, he said.
The bank plans to increase its network to 33 from the existing 30 branches by opening branches at A S Rao Nagar, Vanasthalipuram and Kharkhana in the city very soon, Bung said.
—Agencies