Mangalore: MCC Bank's Net Profits have Wiped out Losses - Chairman

Pics: Spoorthi Ullal
Daijiworld Media Network – Mangalore (NM)

Mangalore, Sep 23: The 94th annual general meeting of Mangalore Catholic Co-operative (MCC) Bank Ltd was held in the city here on Sunday, September 23.

Presiding over the meeting, Melwyn D’Cunha, chairman of the Bank said, "Net profits of the present have wiped off the losses of the past."

"All the parameters laid down by the Reserve Bank of India to assess the health of the Bank, including capital to risk (weighted) assets ratio (CRAR) have been met comfortably and consistently throughout the year," he added.

Informing about other developments, he said, "The Bank has been allotted grade ‘A’ Audit Classification by the statutory auditors appointed by the department of co-operative audit, based on the evaluation of the all-round performance and the strong financial positioning of the Bank in the last year.

"In addition, while Hampankatta branch has already gone online, the other 15 branches will shortly follow suit, enabling e-mobile services, ATM and 24x7 internet banking facility," he said.

"As per RBI parameters, the Bank will set up its branches in five more areas (Gurpur-Kaikamba, Kadri, Puttur, Kallianpur, Beltangady)," he said, adding that he hoped to see the MCC become a state level co-operative bank.

The Bank is making profits in all the 16 branches. It has earned a gross profit of Rs 2.51 crore, Rs 1.49 crore net profit and has given 10% dividend in the last year, he informed.

On the 'Swanth' scheme launched by the Bank, he said, "According to the fund (Rs 10 lac) received from entrepreneur Ronald Colaco, even this year, drivers will be given 10% subsidy and 10% of interest on the vehicle loan. The programme was launched especially for the well being of drivers who work under others. With this project, they get financial assistance in buying a vehicle of their own."

Joseph Quadras, general manager presented the annual report, while Dr Edward Nazareth, vice-chairman thanked the gathering.

John Richard D’Silva, Raymond D’Cunha, Avitas Adolphus Cutinha, Jacintha Borromeo, Valerian Pinto, Premnath Lobo, Peter O Rodrigues and other board of directors shared the dais.

Suggestions and feedback poured forth during the interaction session with the audience.