There is good news for the UCB sector from Mangalore as beating all odds, Karnataka based Mangalore Catholic Cooperative Bank (MCC Bank) has earned a net profit to the tune of Rs 5 crore and crosses the business mix of more than Rs 550 crore as on 31st March 2019, revealed its Chairman Anil Lobo.
In a telephonic communication with Indian Cooperative correspondent, Lobo said, “Despite adverse market conditions, our bank has performed very well in FY 2018-19. The deposits of the bank stood at over Rs 333 crore whereas loans and advances stood at Rs 228 crore”, he added.
Besides, the bank has earned a net profit of around Rs 5 crore. Earlier it was Rs 3 crore.
“But due to loans lent during the past 10 years the bank’s development has been rather slow. I have taken over the charge as the Chairman from the last year and I am focusing on maintaining the NPA accounts. We are recovering bad loans and some properties of borrowers are on the auctions”, he underlined.
”The Bank Net NPA is 3 percent and Gross NPA is over 9 percent. We are hoping that till 2020 our Gross NPA will be at less than 7 percent”, he asserted.
Meanwhile, to attract more n more customers and give latest facilities to its customers, the bank is opening the ATMs in different locations of Dakshina Kannada and Udupi District in Karnataka.
The bank recently launched ATM centre and e-stamping facility at its Karkala branch situated at Mahamayi Complex near Karkala taluk office. It was inaugurated by Karkala MLA Sunil Kumar.
The bank has 16 branches across two districts and planning to open 10 new branches till 2020, informed its Chairman Anil Lobo.
The bank has 32 thousand shareholders. The bank was started in 1912 and has been growing steadily all these years.
The Bank has lockers, demand draft, RTGS/NEFT/IMPS, SMS alert service, PAN Card, senior citizen card, mobile banking facilities. It will also introduce e-stamping in the selected branches, he said. Efforts will be made to improve and modernize the bank’s services, the Chairman added.