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Mangalore: MCC Bank Records Profits, Announces Dividend of 8 Percent

  •   Mon, Sep 27 2010 08:52:41 PM

Mangalore: MCC Bank Records Profits, Announces Dividend of 8 Percent
 
Daijiworld Media Network – Mangalore (RD/AF)
 
Mangalore, Sep 27: Mangalore Catholic Cooperative (MCC) Bank has announced a dividend of 8 percent, following a considerable increase in its profits this year.

During the annual general body meeting held recently, its board of directors revealed that the Bank has recorded a profit of Rs 284 lac this financial year. Moreover, the fixed deposits have been to the tune of Rs 132 crore while its loans and advances reached Rs 87 crore. The Bank’s Non Performing Assets (NPA) too reduced to just 1 percent.

The Bank is in the process of introducing several schemes for its customers to mark its centenary jubilee celebrations in 2012, announced chairman Melwyn D’Cunha.
 
The Bank plans to introduce Swanth scheme aimed at enoucouraging the youth to take up self-employment. It also plans to introduce core banking facilities in all its branches, provide ATM facilities, increase the numbers of shareholders, equip the branches at par with other banks, and so on said Melwyn.

The Bank had gone through a dull patch for some years and had suffered losses. However, things began to change after Melwyn D'Cunha took up the mantle in 2008.
 
MCC Bank's vice-president John Rodrigues, general manager Joseph Quadros, directors Valerian Rodrigues, Valerian Sequeira, John D’Silva, Dr Edward Nazareth, Raymond D’Cunha, Jacintha Boromeo, Francis Coutinho, Melville Pinto and others were present.
  

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Comment on this article

  • Melwin & Blanche, Dubai

    Wed, Sep 29 2010

    Dearest Melwyn, hearty congratulations to you and your team on MCC’s progess. This would not have been possible without your able leadership. We are confident that with your hard work, efforts and commitment you will continue to taking MCC to greater heights in the future.

    DisAgree Agree Reply Report Abuse

  • Victor Tauro, Permude

    Wed, Sep 29 2010

    Congrats to the team. You can change the face of this Bank.

    I strongly recommend to all share holders to agree on to convert this cooperative bank into a Public limited Bank, despite whatever may be the benefits a cooperative bank can offer. The Mangalore community can mobilize enough funds to meet the initial investments.

    DisAgree Agree Reply Report Abuse

  • CGS, Mangalore

    Tue, Sep 28 2010

    Congrats and best wishes to Mr.Melwyn D'Cunha and the Board of
    Directors.Its quite intersting to
    note that there are multi talented
    Directors such as Banker,Doctor,
    Lawyer,Accountant,Businessman,
    Lecturer,Corporator and a Comedy
    Actor!I am sure under the Chairman-
    ship of Mr.Melwyn D'Cunha,MCC Bank
    will be Amchem Bank!

    DisAgree Agree Reply Report Abuse

  • Alex, Mangalore/Abu Dhabi

    Tue, Sep 28 2010

    Dear Melwyn D'Cunha,
    Plenty of reasons can be there for the predicament that MCC was in earlier but there are only few for it's success. Your deep faith and simplicity, personal touch and concern for our mother language and our people are your contribution trickling down to show the result of your hard work.

    Your meeting on Kingfisher to Dubai, though brief, gave me an idea about your mind working day and night for the success of MCC.

    God Bless your efforts even more handsomely in coming years.

    DisAgree Agree Reply Report Abuse

  • Ivan Dias, Mangalore / Dubai

    Tue, Sep 28 2010

    Congratulations! Nice to hear about the progress. One kind suggestion to the Head office - MCC Bank that Customer Service is required to be improved a lot. If a query is sent through email it takes more than a week to get reply. Response is very slow There has to be proffessional service in this modern days of banking.

    DisAgree Agree Reply Report Abuse

  • Prescilla Alvares, Karama Dubai

    Tue, Sep 28 2010

    CONGRATULATIONS Mr.John Rodrigues, you are the real pillar of M.C.C.Bank,this is called the result of hard working

    DisAgree Agree Reply Report Abuse

  • Kateel Ramesh Prabhu, Mangalore

    Tue, Sep 28 2010

    Very nice to hear the news of MCC Banks superb performance.It has made a turn around with in a short span of time.Now the bank can make splendid progress focusing on key matters.Though Mangalore/erstwhile DK dist is the credle of banking activity,I strongly feel that there is abudent potential for good banking business in the district.Since the bank has comfortable profit line,it should focus on fine tuning the key areas to accelarate the growth.Road map for future plans should mainly forcus on the following aspects:
    1.Take the entire staff force into cofidence and motivate them which should include financial package too.
    2.Bank is comfortable with present NPA position.This should further be consolidated by extending compromises/recovery drive.There should be endevour towards nil addition to NPA in the current fiscal.
    3.Focus on low cost deposits especially CASA.This will help the bank to make a comfortable gain on Net Income Margin(NIM)
    4.Exert on high yielding advances specially Gold loans,commercial vehicle/machinary loans,Commercial Mortgage loans.Gold loan is most secured as well as less risky loans and more emphasis on this should be made.Quick disbursal of gold loans has helped many NBFCs to thrive in a greater way.This has become possible only because failure of PSBs to cater their customers in quickest possible time.
    6.More ATMs should be opened and bank network should be under CBS.
    7.It is a matter of plain truth that there is dearth of good service in banking

    DisAgree Agree Reply Report Abuse

  • Jayanth shetty, Mangalore

    Mon, Sep 27 2010

    congratualations my friend Melwyn and team great going you are a very good leader and your team is also very good dont forget Richard Monteiro and his services actually he did a great job your staff need motivation help them also.In your centenary year make the bank best in Mangalore. make loan rules easier

    DisAgree Agree Reply Report Abuse

  • vincent, mangalore

    Mon, Sep 27 2010

    Hearty Congratulations. Pls think beyond to make this as Bank. All the very best to MCC team.

    DisAgree Agree Reply Report Abuse

  • Henry George D'Souza, Mudarangadi/Borivli

    Mon, Sep 27 2010

    Congratulations. Very nice to hear
    MCC bank records profits and announces 8 percent dividend to the
    shareholders. Pleased to hear the NPA
    of the bank is mere one percent.All
    the best to the office bearers of MCC bank and I wish they should attain the multistate operating licence
    and open branches in Mumbai & Goa too.

    DisAgree Agree Reply Report Abuse


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