Mangalore : MCC Bank Posts Rs 2.61Cr Profit
Daijiworld Media Network
Pic by Dayananda Kukkaje
Mangalore, May 29: The Mangalore Catholic Co-operative Bank, popularly known as MCC bank, the only one premier financial institute managed by the catholic laity of Mangalore has finally regained its lost glory. At the end of the financial year of 2009-2010, the bank has posted a gross profit of Rs. 2.61 crores and after adjusting to the accrued losses (carried over from the previous years) the bank will have a net profit of Rs. 2.14 crores. The members of the bank are sure to get a satisfying dividend from the profit this year which will be decided after the statutory audit and inspection by the Reserve Bank of India.
The entire team of the present board of directors lead by Melwyn D’Cunha were elected by a thumping majority in the elections held in March 2008 and they took charge of the bank management on 1st April 2008. At that time the deposits of the bank were Rs. 93 crores and the advances were Rs. 42 crores. The present directors took up the challenge of reviving the financial position of the bank which was posting losses since 2005 and had not paid the dividend to its shareholders since 2002. The directors had promised to the shareholders of the bank that they would not take the sitting fees (though it is permitted) and would not drink even a cup of tea at the cost of the bank till they pay the dividends to the members. The shareholders of the bank and the general public reacted positively to the sincere efforts of the new management and now here are the fruits. The deposits have gone up to Rs. 133 crores and the advances have reached up to 90 crores.
The present team has taken up several projects to give a facelift to the bank. The branches at Morgangate, Shirva and B.C. Road are shifted to more strategic locations with a motto bank near to people. The administrative office has been renovated and the renovation of the main branch at Hampankatta would be taken up soon. The core-banking and ATM facilities at certain branches are the projects at hand and the management hopes to implement them soon. Mean time the facilities for the staff of the bank which are far low compared to many other banks is also attended. A substantial revision of pay will come into effect soon.
Melwyn D’Cunha, chairman of the bank who presided over a press meet here in Mangalore expressed gratitude to the shareholders and the depositors of the bank who did not lose faith in the bank even when the bank was in red. ‘Few years ago, a section of people had systematically spread anti-propaganda about the bank, but the Mangalorean Catholic Community stood by the bank and continued their support which is the main strength of the bank’ feels D’cunha.
John Rodrigues, the vice chairman, Dr. Edward Nazareth, Valerian Rodrigues, John D’Silva, Adolphus Cutinha( Dolla, Mangalore), Raymond D’Cunha, Jacintha Boremio were the other directors who were present in the press meet.