News Karnataka
Saturday, December 02 2023

Smear campaign result of MCC Bank’s impressive growth: Anil Lobo

MCC bank growth chart
Photo Credit :

Mangaluru: Mangalore Catholic Co-operative Bank Ltd., also known as MCC Bank has stated that for the first time in its history the bank has a Net NPA of 1.50 per cent and a profit of 9.01 Crore as of the financial year that ended on March 31. The news comes as post centenary decennial celebration gift to the shareholders of the bank as the bank is all set to celebrate year 2022 as post centenary decennial year.

In spite of the pandemic, the present Chairman Anil Lobo and his team’s sincere efforts and commitment of the staff, the financial figures for the year ended on March 31 show tremendous growth in all areas.

The NPA has come down to 1.50 per cent compared to 1.92 per cent last year. Profit has grown to 9.01 Crore compared to 5.96 Crore last year. Deposits recorded a growth of 532 Crore compared to 456 Crore last year and working capital grown to 620 crores from 527 crores last year.

MCC Bank Chairman Anil Lobo issuing a statement said that one member in the guise of a social worker is running a smear campaign against the bank unable to accept the bank’s growth. As he continued to attack, the bank authorities bank filed a complaint with the police and FIR is registered at Mangaluru North Police Station u/s 504,506,507 (Crime Number: 107/2021) in the month of November 2021. Case under IPC Sec 500 stands registered against the same member in JMFC court in Mangaluru.

FIR 1 2

“We live in a democratic country and every citizen has the right to freedom of expression. But the right to freedom of expression does not allow anybody to damage the institution by spreading rumours. The 110-year-old bank is very strong and it will not shake on rumours. The financial results for the year ended on 31.03.2022 speak about the tremendous growth of the bank,” stated Anil Lobo.

MCC public notice

He further stated that MCC Bank is not a co-operative society. The bank falls under the dual control of the RBI regulatory mechanism and state co-operative department. Stringent safety measures are followed when it comes to the banking business, shareholders and customers’ stakes. Deposits are covered under DICGC Scheme just like any other Nationalised Bank.

Lobo requested the members and customers to follow the bank’s official website for regular updates.

He also expressed his gratitude to the shareholders and customers for their trust in the institution and unstinted support to the present management. Lobo wholeheartedly thanked staff members for their commitment towards the Institution and hard work. He further said his team will put its best efforts to pay the shareholders higher dividend subject to regulatory framework.

Established in the year 1912 by PFX Saldhana and other community leaders with a noble vision to reach out for the banking needs of Christian community in particular, the institution has grown steadily over past 110 years. MCC Bank has 16 branches spread across the undivided district of Dakshina Kannada and all the branches are fully computerised and ATM facility available at select branches. The Bank offers free digital banking facility to its customers.

Share this:
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Editor's Pick

Find the best odds at 10Cric and IPL Betting 2023! Signup today and get up to a 100% deposit bonus.

To get the latest news on WhatsApp