Mumbai: Model Co-operative Bank holds 103rd AGM

Media Release

Mumbai, Feb 25: The 103rd Annual General Meeting of Model Co-operative Bank Ltd was held on Thursday February 25 at St Andrew’s auditorium Bandra West, here.

The chairman Albert W D'Souza presided over the meeting and extended a warm welcome to the shareholders (members). He thanked them for attending the Annual General Meeting and reposing their trust in the Bank.

The chairman in his inaugural speech, to the members gave an overview of the economy. He further stated that the bank with strong ethics, professional management, regulatory compliant operations and support from its customers and shareholders, has been able to steer through these turbulent times.

The bank has achieved a deposit of Rs 1064.57 crore, a growth of Rs 42.38 crore (4.15% on YOY basis). The advances of the bank have increased to Rs 589.32 crore, an increase of Rs 28.38 crore (5.06% on YOY basis). The Capital Adequacy Ratio stood at 13.48%, with RBI requirement being 9%. The net profit (after tax) stood at Rs 7.86 crore. The net NPA of the bank is 3.72%. The overall performance of the bank has been good when compared with peer banks.

"Shareholders were happy to note that the bank has been receiving a series of awards over the years and during the course of FY 2019-20 has been awarded the first prize under the category of deposits above Rs 1000 crore for the FY 2018-19 from ‘The Maharashtra State Co-operative Banks’ Association Ltd and second prize for overall best performance of UCBs for the FY 2018-19 in the category of deposits of Rs 501 to Rs 2000 crore from ‘The Brihan Mumbai Nagari Sahakari Banks Association Ltd, Mumbai. These awards take the tally to 11 awards over the last five years. We congratulate the bank on this achievement."

"It was observed that even though the pandemic has had an adverse impact on the economy and consequently the banking sector, the bank has been able to innovate and introduce new products in addition to the existing bouquet of products and services. In the current FY 2020 – 21 the bank has been able to activate our own IFSC code, which has enabled faster processing of NEFT and RTGS transactions, provide IMPS and UPI payment platforms on our Mobile Banking App along with a host of other services and features, offer a platform for receiving online fee payments for educational and other institutions, launched an attractive Gold Loan product.

The chairman presented the audited statements of accounts including the Balance Sheet and Profit and Loss Account for the year ended March 31, 2020. The members raised queries and the chairman and officiating general manager, Zenon D’Cruz provided clarifications to the queries to the satisfaction of the members present.

Founder chairman, John D'Silva and director Vincent Mathias addressed the gathering. Directors Paul Nazareth, A C Lobo, Sanjay Shinde, Thomas Lobo, Lawrence D’Souza, Pius Vas, Benedicta Rebello, Gerald Cardoza, Ancy D’Souza, assistant general managers Osden Fonseca, Naresh Thakur and Ratnakar Shetty, former general manager and CEO and now advisor William D’Souza were also present.

The meeting commenced with a short prayer by director Thomas Lobo. Senior manager Beata Carvalho compered the meeting. Vice-chairman William Sequeira proposed the vote of thanks. The Annual General Meeting was attended by approximately 150 shareholders. The meeting was conducted keeping all covid related safety protocols in mind. All the best to Model Co-operative Bank Ltd for the future and certainly the bank will grow from strength to strength.


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Title: Mumbai: Model Co-operative Bank holds 103rd AGM

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