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Friday, December 01 2023
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M.C.C. Bank Limited convenes 105th AGM, records 10.38 Cr profit

MCC Bank Limited convenes 105th AGM records 10p38 Cr profit
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Mangaluru: M.C.C. Bank Ltd performed extremely well under all financial parameters during the Financial Year 2022-23 and declared a dividend of 10 per cent to its shareholders. The Bank earned an unprecedented net profit of Rs.10.38 Crore for the first time in the history of the Bank for the Financial Year 2022-23 as against the net profit of 8.27 Crore in the FY 2021-22.

The Bank convened its 105th Annual General Meeting at Loyola Hall, St Aloysius P.U. College, Kodialbail, Mangalore, on Sunday, 24 Sep at 11 a.m. The Chairman of the Bank, Anil Lobo presided over the meeting. Tributes were paid to members who passed away in the previous year. The meeting began with a prayer led by the staff.

The meeting started with the lighting of a lamp by Chairman Anil Lobo, Vice Chairman Jerald Jude D’silva and Professional Director C.G. Pinto and offering floral tributes to the Founder of the bank, P.F.X Saldanha by Chairman Anil Lobo, Vice Chairman Jerald Jude D’silva, Members Allen C. Pereira (Ex-Chairman of Bank of Maharashtra),  Celestine Leena Monteiro, (Ex Senior Manager, Karnataka Bank) and Marjorie Texeira (Ex Senior Executive, HDFC Bank).

While addressing the meeting the Chairman said that “during the FY 2022-23 the bank has earned a record net profit of Rs.10.38 crore, with a total deposit of Rs.577.95 crore recording an increase of 8.62 per cent over the previous year; the total advances of Rs.355.30 crore recording an increase of 8.14 per cent over the previous year; working capital of Rs.684.31 crore (growth of 11.26 per cent) and share capital of Rs.27.36 crore (growth of 48.45 per cent) as on 31.03.2023.

The NPA of the Bank has been reduced to 1.37 per cent compared to the NPA percentage of 2021-22 at 1.62 per cent. The provision coverage ratio stood at 78.87 per cent of the total NPAs. The Return on Assets (ROA) of the Bank stood at 1.54 per cent. The CRAR is 21.54 per cent against the RBI requirement of 9 per cent. The overall performance of the bank was highly satisfactory. He thanked all customers, members, staff and well-wishers who were responsible for this achievement.

He thanked all the members of the Bank for their unstinted support and cooperation to the Bank and helped the Bank in achieving unprecedented growth in the FY 2022-23. He also thanked the staff members for their cooperation and the excellent customer service offered by them at the branches.

He explained the achievements of the Bank, i.e., upgrading the CBS software, digitalisation, shifting of DR site to the different seismic zone i.e., Bangalore, improving the ambience of the branches, conducting customer meet at all the branches to receive feedback from the customers, shifting of Ashoknagar branch, expanding the area of operation to the neighbouring 5 districts and provision of education loans at 8.75 per cent interest to the youth.

He also told the members that the bank has achieved 90 per cent of CKYC updating due to the cooperation of the esteemed customers of the Bank.

He invited constructive suggestions from the members for the improvement of the bank. He said the unopposed re-election of the board has not only reposed faith but also imposed additional responsibility on the Board to achieve better results in the ensuing years. He emphasised the importance of discipline and strengthening the bank by improving various financial parameters like Net worth, ROA, CRAR Asset quality etc.

While explaining future plans, he informed the members that the bank has already taken necessary steps towards expanding the area of operation to the whole state of Karnataka, establishing E Lobby for the benefit of customers to deposit their cash and updating the passbooks, shifting Surathkal, Moodbidri and Udupi branches to more convenient premises for the benefit of the customers, achieving higher turnover and profitability.

He informed the members that the Board will come out with improved results in the next AGM, which will be held in September 2024.

Vice chairman Jerald Jude D’Silva read the minutes of the 104th AGM.

The audited financials of 2022-23, audit report and compliance, programme of activities for the financial year 2023-24 and budget for the year 2023-24, and amendments to the byelaws of the bank, were presented before the AGM and were approved.

The Chairman answered/clarified all the queries raised by the members during the meeting and assured that efforts would be made to implement the suggestions made by them.

Directors Andrew D’Souza, Joseph M. Anil Patrao, Dr Gerald Pinto, David D’souza, Elroy Kiran Crasto, Roshan D’Souza, Herald Monteiro, J.P.Rodrigues, Vincent Lasrado, Melwin Vas, Irene Rebello, Dr Freeda D’Souza, Professional Directors C.G.Pinto, Sushanth Saldanha, General Manager Sunil Menezes, Deputy General Manager Raj F. Menezes were present.

General Manager Sunil Menezes welcomed, Aldrin Dsouza, Jr Assistant Udupi Branch compered and Chairman Anil Lobo proposed the vote of thanks. The meeting concluded with the National Anthem.

Read more:

Selfless Staff Recognition marks Int’l Women’s Day at MCC Bank

NRI Meet appreciates MCC Bank on its Post Centenary decennial

Yashaswini health protection scheme launched by M.C.C. Bank.

MCC Bank holding First Customer Meet of the year on Sun Aug 28

MCC Bank felicitates CA Final (ICAI) National Topper Ruth Clare Dsilva 

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