Mangaluru: MCC Bank convenes Annual General Meeting

Media Release

Mangaluru, Sep 25: MCC Bank Ltd, has performed well under all the financial parameters during the financial year 2021-22 and has declared a dividend of 10% to its shareholders. The bank has earned an unprecedented net profit of Rs.8.27 crore, registered a 138% growth for the first time in the history of the Bank.

The bank had convened its 104th Annual General Meeting at Loyola Hall, St Aloysius PU College, Kodialbail, Mangaluru, on Sunday, September 25 at 11 am.

The meeting began with a prayer led by the staff. Tributes were paid to late D J Patrao, former director, who passed away on December 23, 2021 and other members who passed away in the previous year.

The chairman of the Bank, Anil Lobo presided over the meeting and welcomed the directors and the members to the meeting.

While addressing the meeting he said, “The bank has earned a record net profit of Rs.8.27 crore, with a total deposit of Rs.532.08 crore recording an increase of 16.47% over the previous year. The total advances were  Rs.328.56 crore recording an increase of 7.16% over the previous year; working capital of Rs.615.06 crore (growth of 14.00%) and share capital of Rs.18.43 crore as on March 31, 2022. Moreover, the NPA of the Bank has been pared to 1.60% compared to the NPA percentage of 2020-21 at 3.23%. The provision coverage ratio stood at 77.61% of the total NPAs. The Return on Assets (ROA) of the Bank stood at 1.34%, a substantial improvement over previous year (1.01%). The CRAR is 15.35% against the RBI requirement of 9%. The overall performance of the bank was very satisfactory."

He thanked all the customers, members, staff and well-wishers for this achievement.

He told the members that the customer meet conducted at the branches has been highly appreciated by the members and customers. The Bank has been making efforts to bring more innovative products and has introduced Education Loan scheme at a very competitive rate of interest to assist the students who want to pursue higher studies both in India and abroad.

The main motto of the bank is to serve the customers in a transparent manner by understanding their financial requirements and thereby scale new heights in the years to come. The progress of the Bank will create new employment opportunities for the youth in the community.

He thanked all the members and customers who firmly stood with the Bank and supported during its difficult times when some misguided members started spreading canards against the Bank with an ulterior motive of tarnishing the image of the Bank.

While thanking all the members for participating in the meeting in large numbers, he invited them for the ensuing post centenary decennial celebration scheduled for November 27 at Milagres PU College grounds. Vice-chairman Jerald Jude D’Silva read out the minutes of the 103rd AGM.

The audited financials of 2021-22, audit report and compliance, programme of activities for the financial year 2022-23 and budget for the year 2022-23, amendments to the byelaws of the bank, were presented before the AGM and were approved. The chairman clarified all the queries raised by the members during the meeting and assured that the efforts would be made to implement their suggestions made by them.

On this occasion, Sunil Menezes, General Manager of the Bank, who is celebrating his birthday was felicitated.

Directors Andrew D’Souza, Marcel D’Souza, J P Rodrigues, Elroy Kiran Crasto, Roshan D’Souza, Anil Patrao, Herald Monteiro, David D’Souza, Dr Gerald Pinto, Irene Rebello, Dr Freeda D’Souza, Professional Directors C G Pinto, Sushanth Saldanha, Board of Management members Sharmila Menezes, Alwyn P Monteiro, Felix D'Cruz, General Manager Sunil Menezes, Deputy General Manager Raj Menezes were present at the meeting.

General manager Sunil Menezes compered and proposed a vote of thanks. The meeting concluded with the National Anthem.




Top Stories

Comment on this article

  • Ben D'Souza Prabhu, Mangalore, Bombay Bandra now in Canada

    Mon, Sep 26 2022

    Extremely Happy to know the present Financial Results of our MCC Bank ! It is a good Signal for those who have deposited their hard earned Savings with them ! Our dear friends do keep it up and strive for better ! THANKS !!!

    DisAgree [4] Agree [3] Reply Report Abuse

  • Peter Alvers, ?????????

    Sun, Sep 25 2022

    Kudos to MCC team.

    DisAgree [8] Agree [4] Reply Report Abuse

  • Ashwin, Mangalore

    Sun, Sep 25 2022

    Its very nice to see young mind like Sushanth Saldanha among the Board of directors.

    DisAgree [8] Agree [3] Reply Report Abuse

  • Ajay, Delhi

    Sun, Sep 25 2022

    It is great to see our small corporative bank doing well with such a good turnover and profit. it is only possible due to the efforts of the employees and the stakeholders. The management worked hard for this. Kudos to the team.

    DisAgree [8] Agree [5] Reply Report Abuse

  • Ashwin Crasta, Mangalore

    Sun, Sep 25 2022

    Highly reputed Bank, Mangalore is very proud of this institution.

    DisAgree [9] Agree [6] Reply Report Abuse

  • Ashwin Saldhana, Mangaluru

    Sun, Sep 25 2022

    Well organized event, wonderful board members.

    DisAgree [9] Agree [4] Reply Report Abuse

Leave a Comment

Title: Mangaluru: MCC Bank convenes Annual General Meeting

You have 2000 characters left.


Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will be held responsible.