The performance of Model Co-operative Bank has been quite impressive in the financial year 2016- 17 as a result of which the UCB is poised to apply to the Reserve Bank of India for being considered as a Scheduled Bank, informed Chairman Albert W. D’Souza during the 100th AGM held in Mahim, Mumbai this weekend.
The Bank has achieved a deposit target of Rs.878.53 crore, a growth of Rs.114.07 crore (14.92% on YOY basis). The 100th AGM was at Xavier Institute of Engineering, Mahim in which more than 300 Shareholders participated.
Most Rev. Bishop Barthol Barretto celebrated the Eucharist followed by the Annual General Meeting. The GM & CEO, William D’Souza read the Notice of the Meeting.
The Chairman Albert W. D’Souza presided over the meeting and extended a warm welcome to the Shareholders and members. He thanked them for their continued support and trust.
The Chairman in his inaugural speech also touched on macroeconomic scenario such as demonetization, GST, RERA
Bill and stated that despite constraints the Bank performed well. He stated that the Bank is aiming to attain a Scheduled Status and become a Multi-State Bank.
Coming to statistics, the Chairman informed the advances of the Bank have increased to Rs.472.82 crore, an increase of Rs.57.41 crore (13.82% on YOY basis). The Capital Adequacy Ratio stood at 12.82%. The Profit (Before Tax) increased to Rs.12.52 crore, a growth of Rs.3.71 crore (42.09% on YOY basis). The Net Profit (After Tax) increased to Rs.8.25 crore, a growth of Rs.2.40 crore (40.92% on YOY basis).
He also mentioned that the Bank has been recognised as Best Bank in the category of Deposits and received three awards during the year from the Brihan Mumbai Nagari Sahakari Banks Association Ltd. Mumbai, the Maharashtra State Co-op. Banks’ Association Ltd. Mumbai and the Maharashtra Urban Co-op. Banks’ Federation Ltd., Mumbai. We are now authorized to open and maintain NRE accounts for Non Resident Indians and Authorised Dealer Category – II – Full Fledged Money Changers.
The Chairman presented the Audited Statements of Accounts including the Balance Sheet and Profit and Loss Account for the year ended March 31, 2017. The Members raised queries and the Chairman and GM & CEO, William D’Souza provided clarifications to the queries of the Members.
The proposed amendments to the Bye-Laws were read by GM & CEO, William D’Souza. Founder Chairman, John D’Silva, Directors Vincent Mathias and Thomas Lobo also addressed the gathering.
Directors Paul Nazareth, Sanjay Shinde, A. C. Lobo, Ancy D’Souza, Pius Vas, Lawrence D’Souza, Gerald Cardoza, Marita D’Mello, Benedicta Rebello and Addl . General Manager Harold M. Serrao were also present.
Aloysious Edward Rasquinha, Manager compeered the programme while Vice Chairman, William Sequeira proposed a vote of thanks. The meeting concluded with singing of the National Anthem.
