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MCC Bank holds 103rd AGM, registers 143% growth, declares 10% dividend

MCC Bank holds 103rd AGM registers 143 growth declares 10 dividend
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Mangaluru: The Mangalore Catholic Co-operative Bank Limited (MCC Bank Ltd) has performed well on all the financial parameters for the Financial Year 2020-21 and declared a dividend of 10% to its shareholders. The Bank has earned a net profit of Rs.5.96 Crore registered a growth of 143%.

The Bank convened its 103nd Annual General Meeting on a Virtual platform at the Board Meeting Hall, MCC Bank Building, Hampankatta, Mangalore, on Saturday the 20th November 2021 at 11 am.

The meeting began with a prayer led by Director Irene Rebello.

Chairman Anil Lobo, welcomed the directors and the members to the meeting. While addressing the meeting he said that “In spite of facing hardships due to the outbreak of COVID-19, the bank has earned a net profit of Rs.5.96 crore, with a total deposit of Rs.456.83 crore recording an increase of 15.86% over the previous year. The total advances of Rs.306.62 crore recorded an increase of 15.68% over the previous year, working capital of Rs.527.91 crore (growth of 15.07%) and share capital of Rs.18.43 crore as on 31.03.2021. Moreover, the NPA of the Bank has been reduced to 1.92% compared to the NPA percentage of 2019-20 at 7.17%. The provision coverage ratio stood at 75.74% of the total NPAs. The Bank has recorded Return on assets at 1.01% which is a substantial improvement over the previous year. The CRAR is 14.42%.

MCC Bank is striving hard to offer the best service to its customers. We would appreciate the involvement and suggestions of the members for the betterment and growth of this Bank”. He also added that the Bank would be celebrating Post Centenary Decennial in the coming year,2022 and it is the duty of all the stakeholders to take the Bank to its glory by contributing to the improvement of business.

Vice-chairman Jerald Jude D’Silva read the minutes of the 102nd AGM.

The audited financials of 20-21, audit report and compliance, programme of activities for the financial year 2021-22 and budget for the year 2021-22, amendments to the byelaws of the bank, were presented before the AGM and were approved. The Chairman clarified all the queries raised by the members during the meeting.

Directors D.J. Patrao, Andrew D’Souza, Marcel D’Souza, J.P.Rodrigues, Elroy Kiran Crasto, Roshan D’Souza, Anil Patrao, Herald Monteiro, David D’souza, Irene Rebello, Freeda D’Souza, Professional Directors C.G.Pinto, Michael D’Souza, General Manager Sunil Menezes, Deputy General Manager Raj Menezes  were present at the meeting.

General Manager, Sunil Menezes, proposed the vote of thanks.

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