Mumbai: 95th Annual General Meeting of Model Co-operative Bank Held

Rons Bantwal
Daijiworld Media Network – Mumbai (NM)

Mumbai, Aug 16: “Inspired by the values of life, the bank has immensely developed in the economic sector with the support of people,” said Albert W D’Souza, chairman of Model Co-operative Bank Limited. He was speaking during the 95th annual general meeting recently held here at St Xavier’s Engineering College auditorium.

In the present era of business, it is important to have technological skills. The Model Co-operative Bank has not only stressed over the business competitions but has worked for the customer centric development.

The Christian community leaders of Karavali, Karnataka started ‘the Mangalorean Catholic Co-operative Credit Society’ which presently named as Model Co-operative Bank Limited.

Presenting the annual accounts of the year, he informed that the bank includes fixed deposits of nearly 387.77 crores, advances of 201.12. In addition, the bank achieved 40.05 as gross income, 4.38 crores of net profit (PBT) and approximately 3.04 crore of net profit (PAT). Moreover, the share holders have received a dividend of 11%.

In the coming days, the 12th branch will be started at Thane to provide better convenience to the customers, he added.

On the occasion, Frank R Lewis was felicitated for providing service as chief executive officer for as many as 14 years.
 
Presenting the branch places, William Sequeira, vice president said that the Model Co-operative Bank Limited has its main branch in Mumbai Fort, administrative office at Kalina, Santa Cruz. Including the branches at Vashi and Meera Raod, there are over 11 branches, he added.

Prior to the general meeting, Bishop of Baramati Elias Gonsalves offered a special thanksgiving mass. Fr Felix John Rose was another celebrant.

John D’Silva, founder president of the bank, Prem Aranha, professor AP D’Souza, Abraham Clement Lobo, Vincent Mathais, Philip Pinto, Sanjay Shinde, Ronald H Mendonca, Gorge Castelino and others were present on the dais.

Francis JA Vas, CEO and general manager, presented the annual report. Additional general manager Jane Harindran welcomed and additional general manager William L D’Souza thanked the dignitaries.