Media Release

Mangalore, Sep 22: The 96th annual general meeting of Mangalore Catholic Co-operative (MCC) Bank Ltd was held at Milagres College grounds, Hampankatta on Sunday September 21.

Presiding over the meeting, Francis Cutinho, chairman of the bank said, “All the 16 branches have recorded profit and the bank has earned a net profit of Rs 122.40 lacs, with a total deposit of Rs 27611.32 lacs, total reserves of Rs 2412.76 lacs, advances of Rs 15380.87 lacs, working capital of Rs 31378.93 lacs and share capital of Rs 716.13 lacs.” A 10% dividend was declared during the meeting and was approved. Further, the financials of 2013-14 and programme for the financial year 2014-15 was presented before the AGM and approved. It was also decided to include the amendments made to the Co-operative Act in the by-Law of the bank and approved at the AGM.

Speaking to the members, the chairman Cutinho explained the need to decrease the cost of funds of the bank and compete with the commercial banks. He urged the members to get the benefits of facilities extended by the bank, extend their co-operation to increase the networth of the bank thereby obtain the NRI facility and thus to get a schedule bank status at the earliest. He earnestly requested the businessmen present at the meeting to utilize the SME loan facility which is currently fixed at a competitive rate. He promised the members to implement the valid suggestion given during the AGM.

Alwyn Patrao, vice chairman, Raj F Menezes, in-charge general manager, directors –D J Patrao, Jerald J D’silva, Denis D’souza, Andrew D’souza, Melwyn C D’souza, Veronica J Pinto, Archibald Menezes and Herald Fernandes shared the dias. Vice chairman Alwyn Patrao proposed the vote of thanks. A total of 1365 members were present at the meeting. The meeting concluded with lunch.