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MCC Bank convenes Annual General Meeting

MCC Bank convenes Annual General Meeting

M.C.C. Bank Ltd., has performed well under 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), first time in the history of the Bank.  

The Bank has 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 meeting began with a prayer led by the staff. Tributes were paid to late D.J. Patrao, ex-director, who passed away on 23.12.2021 and also the members who passed away in the previous year.

The Chairman of the Bank, Anil Lobo presided over the meeting and welcomed the directors and the members to the meeting.

While addressing the meeting he said that, “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%. The overall performance of the bank was very satisfactory. He thanked all the customers, members, staff and well-wishers for this achievement.

He told the members that the customer meet conducted at the branches has been highly appreciated by the members and customers. The Bank has been making efforts to bring more innovative products and has introduced Education Loan scheme at a very competitive rate of interest to assist the students who want to pursue higher studies both in India and abroad. The main motto of the Bank is to serve the customers in a transparent manner by understanding their financial requirements and thereby scale new heights in the years to come. The progress of the Bank will create new employment opportunities for the youth in the community. He thanked all the members and customers who firmly stood with the Bank and supported during its difficult times when some misguided members started spreading canards against the Bank with an ulterior motive of tarnishing the image of the Bank.

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.

The audited financials of 2021-22, audit report and compliance, programme of activities for the financial year 2022-23 and budget for the year 2022-23, 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 and assured that the efforts would be made to implement their suggestions made by them.

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 compered and proposed the vote of thanks. The meeting concluded with the National Anthem.


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