Mangalore: MCC Bank Announces 10 Percent Dividend in 100th Year
 
Pics: Spoorthi Ullal
Daijiworld Media Network - Mangalore (PS/CN)
 
Mangalore, Sep 25: MCC Bank, the bank of the Mangalorean Catholic community, announced 10 percent dividend to its shareholders at the annual general body meeting held at the administrative office of the bank.

MCC Bank is celebrating the 100th year of its existence this year and is executing several programmes to mark the occasion. 

Melwyn D’Cunha, chairman of the bank, presided over the general body and declared that the net profit of the bank for the financial year ending on March 31, 2011 was Rs. 2,11, 55,220. The bank, which was in the red when the present team took over the administration in March 2008, has been showing a steady growth on all fronts. 

“The bank had declared 8 percent dividend last year after about eight years. Deposits which were at Rs 93 cr in 2008 are now at Rs 167 cr and the lending which was Rs 43 cr is now at Rs 108 cr. The bank has been declared as “A” grade by the statutory auditor,” declared the chairman. The NPA has touched a low of 0.15 percent this financial year.
 
The members expressed their satisfaction at the growth of the bank and whole-heartedly supported various projects planned by the bank for the centenary year.
 
Dr Edward Nazareth,vice-chairman, directors Francis Cutinho, Valerian Pinto, Valerian Sequiera, John D’Silva, Raymond D’Cunha, Adolphus Cuthinho, Jacintha Boremio, Stephen Quadras, Prem Lobo, general manager Joseph Quadrose, and deputy general manager Raj Menezes were present at the meeting.