ACUB earns profit of Rs 27.12 cr: MP Margani Bharat Ram
MP Margani Bharat Ram inaugurating a water plant at the main branch of Aryapuram Cooperative Urban Bank in Rajahmundry on Sunday. Bank Chairperson Girajala Ramakrishna Tulasi and others are also seen.
Rajamahendravaram (East Godavari district): The Aryapuram Cooperative Urban Bank (ACUB), which was running into losses under the rule of the previous governing body, has been brought back onto the path of profit by the management and employees appointed by the government, stated MP Margani Bharat Ram.
On Sunday, the MP inaugurated cooling water plant installed in the main branch of the bank at Gokavaram bus stand. Later speaking with the media, he informed that the bank currently has deposits of Rs 697.20 crore and loans of Rs 386.40 crore. It earned a profit of Rs 27.12 crore.
The MP said that efforts are being made to reduce the bad debt, which is currently 5.73 per cent to 3 per cent soon. The bank has 16 branches, out of which they want to close the loss-making branches. It is suggested to set up new branches where it is profitable.
Bank chairperson Girajala Ramakrishna Tulasi, bank secretary K Swarajya Lakshmi, directors M Nukaratnam, M Suresh, N Baburao, Yarra Prasad, P Suresh, P Ramesh Babu, R Ganesh, V Venkateswara Rao, G Leela Gangadhara Rao, V Suresh and others were present on the occasion.