M.C.C. Bank Ltd convenes Annual General Meeting, recorded a net profit of 10.45 Crores, declared 10%

Media Release
Bellevision Media Network

Mangalore, 23 Sept: M.C.C. Bank Ltd has performed extremely well under all the financial parameters during the Financial Year 2023-24 and has declared a dividend of 10% to its shareholders. The Bank has earned an unprecedented net profit of Rs.10.45 Crore for the first time in the history of the Bank in the Financial Year 2023-24.

 

The Bank has convened its 106th Annual General Meeting at Loyola Hall, St Aloysius P.U. College, Kodialbail, Mangalore, on Sunday, the 22nd September 2024 at 11 am. The Chairman of the Bank, Sahakara Ratna Mr Anil Lobo presided over the meeting. 

 

Tributes were paid to the 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 lamp by Chairman Sahakara Ratna Mr Anil Lobo, Vice Chairman Mr Jerald Jude D’silva and Director Mr David Dsouza and offering floral tributes to the Founder of the bank, P.F.X Saldanha by Chairman Mr Anil Lobo, Vice Chairman Mr Jerald Jude D’silva, Members Mr Edmund Frank (Ex Vice Chairman of MCC Bank). Mr Rons Bantwal, Mr Rohan Monteiro (Managing Director, Rohan Corporation), Mr Louis Pinto,(President Mand Sobhan)  and Mr Pius L Rodrigues (Ex. Director, Karnataka Pollusion and Control Board). 

 

While addressing the meeting the Chairman said that, “during the FY 2023-24 the bank has earned a record net profit of Rs.10.45 crore, with a total deposit of Rs.635.70 crore recording an increase of 10% over the previous year; the total advances of Rs.444.88 crore recording an increase of 25.21% over the previous year; working capital of Rs.752.95 crore (growth of 10.03%) and share capital of Rs.31.21 crore (growth of 14.07%) as on 31.03.2024. The NPA of the Bank has been reduced to 1.12% compared to the NPA percentage of 2022-23 at 1.37%. The provision coverage ratio stood at 78.34% of the total NPAs. The Return on Assets (ROA) of the Bank stood at 1.39%. The bank is adequately maintaining the CRAR (Capital to Risk Assets Ratio), which stood at 23.06% as of 31st March 2024, well above the required rate of 9.00% as per the Reserve Bank of India. The bank’s business turnover increased from Rs 933.25 crore to Rs 1,080.58 crore as of 31st March 2024 thereby crossed Rs 1000 crore business in the FY 2023-24. The Bank has opened its 17th branch at Brahmavara after a gap of 22 years. The overall performance of the bank was highly satisfactory. He thanked all the customers, members, staff and well-wishers who were responsible for this achievement. 

 

While on the subject he informed that Reserve Bank of India has accorded necessary permission to extend the area of operation of the Bank to the entire state of Karnataka and has permitted to open new branches. He thanked all the Directors, members of the Bank and staff for their unstinted support and cooperation for the above achievement. He emphasised the importance of the contribution made by the borrowers who are responsible for the growth of the business, achievement of higher profit and reduction in NPA by their prompt repayment of loans. He informed the members that bank has been providing loans at competitive rates of interest and sought their support by recommending the bank with good proposals. Further, he informed regarding the future plans of the Bank in the ensuring year, i.e. opening of 10 new branches, shifting of Udupi, Moodbdiri, Karkal and Kulshekar branches to the new premises keeping in mind the convenience of the customers, provision of digital banking facilities like google pay, Phone pay, UPI, etc and extending the branches to whole state of Karnataka. He also informed that the Bank has already prepared the plan of action for the next 10 years after discussing in detail about the vision, mission and the goals. He sought constructive suggestions and the co.operation from the members for implementation of the above plan to take the Bank to the greater heights. 

Vice chairman Jerald Jude D’Silva read the minutes of the 105th AGM.

 

The audited financials of 2023-24, audit report and compliance, programme of activities for the financial year 2024-25 and budget for the year 2024-25, 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 the efforts would be made to implement their suggestions made by them. 

 

Directors Mr 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, Mrs 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 at the meeting. 

 

General Manager Mr Sunil Menezes welcomed the members, Mr Owin Rebello, Branch Manager Brahmavara Branch compered and Chairman Sahakara Ratna Mr Anil Lobo proposed the vote of thanks. The meeting concluded with the National Anthem.