Karnataka based Mangalore Catholic Cooperative (MCC) Bank Ltd., has performed well on all the financial parameters during the Financial Year 2021-22 and has declared a dividend of 10% to its shareholders.
The Bank has earned an unprecedented net profit of Rs.8.27 Crore (138% growth), for the first time in the history of the Bank. The Bank convened its 104th Annual General Meeting at Loyola Hall, St Aloysius P.U. College, Kodialbail, Mangalore, on Sunday, the 25th September 2022 at 11 am.
The Chairman of the Bank, Anil Lobo presided over the meeting and welcomed directors and members to the meeting.
While addressing the meeting Anil Lobo said “The bank has earned a record net profit of Rs.8.27 crore, with a total deposit of Rs.532.08 crore recording an increase of 16.47% over the previous year; the total advances of Rs.328.56 crore recording an increase of 7.16% over the previous year; working capital of Rs.615.06 crore (growth of 14.00%) and share capital of Rs.18.43 crore as on 31.03.2022.
Moreover, the NPA of the Bank has been reduced to 1.60% compared to the NPA percentage of 2020-21 at 3.23%. The provision coverage ratio stood at 77.61% of the total NPAs.
The Return on Assets (ROA) of the Bank stood at 1.34%, a substantial improvement over previous year (1.01%). The CRAR is 15.35% against the RBI requirement of 9%.
Lobo informed about various measures the bank has put into place for the benefit of members and customers. He apprised them of loan schemes being offered in hassle free manner.
He also expressed his confidence that the Bank will make further progress in the days to come.
While thanking all the members for participating in the meeting in large numbers, he invited them for the ensuing Post Centenary Decennial Celebration scheduled on 27th November,2022 at Milagres PU College grounds.
Vice chairman Jerald Jude D’Silva read the minutes of the 103rd AGM. On this occasion, Sunil Menezes, General Manager of the Bank, who is celebrating his birthday was felicitated.
Directors Andrew D’Souza, Marcel D’Souza, J.P.Rodrigues, Elroy Kiran Crasto, Roshan D’Souza, Anil Patrao, Herald Monteiro, David D’souza, Dr Gerald Pinto, Irene Rebello, Dr Freeda D’Souza, Professional Directors C.G.Pinto, Sushanth Saldanha, Board of Management members Sharmila Menezes, Alwyn P. Monteiro, Felix Dcruz, General Manager Sunil Menezes, Deputy General Manager Raj Menezes were present at the meeting.
General Manager, Sunil Menezes proposed a vote of thanks. The meeting concluded with the National Anthem.
