M.C.C. Bank Limited convenes Annual General Meeting, Recorded a net profit of Rs 10.38 crore
Mangaluru: M.C.C. Bank Ltd. has performed extremely well under all the financial parameters during the financial year 2022–23 and has declared a dividend of 10% to its shareholders. The Bank has earned an unprecedented net profit of Rs 10.38 crore for the first time in the history of the Bank for the Financial Year 2022-23 as against the net profit of 8.27 crore in FY 2021–22.
The Bank has convened its 105th Annual General Meeting at Loyola Hall, St Aloysius P.U. College, Kodialbail, Mangalore, on Sunday, September 24, 2023, at 11 a.m. The Chairman of the Bank, Mr Anil Lobo, presided over the meeting.
Tributes were paid to the members who passed away in the previous year. The meeting began with a prayer led by the staff.
The meeting started with the lighting of a lamp by Chairman Mr Anil Lobo, Vice Chairman Mr Jerald Jude D’silva, and Professional Director Mr C.G. Pinto, and the offering of floral tributes to the founder of the bank, P.F.X. Saldanha, by Chairman Mr Anil Lobo, Vice Chairman Mr Jerald Jude D’silva, Members Mr Allen C. Pereira (Ex Chairman of Bank of Maharashtra), Mrs Celestine Leena Monteiro, (Ex Senior Manager, Karnataka Bank), and Marjorie Texeira (Ex Senior Executive, HDFC Bank).
While addressing the meeting, the Chairman said that, “during FY 2022–23, the bank has earned a record net profit of Rs. 10.38 crore, with a total deposit of Rs. 577.95 crore recording an increase of 8.62% over the previous year; the total advances of Rs. 355.30 crore recording an increase of 8.14% over the previous year; working capital of Rs. 684.31 crore (growth of 11.26%) and share capital of Rs. 27.36 crore (growth of 48.45%) as of March 31, 2023. The NPA of the Bank has been reduced to 1.37% compared to the NPA percentage of 2021–22 at 1.62%. The provision coverage ratio stood at 78.87% of the total NPAs. The return on assets (ROA) of the bank stood at 1.54%. The CRAR is 21.54%, against the RBI requirement of 9%. The overall performance of the bank was highly satisfactory. He thanked all the customers, members, staff, and well-wishers who were responsible for this achievement.
He thanked all the members of the Bank for their unstinted support and cooperation, which helped the Bank achieve unprecedented growth in FY 2022–23. He also thanked the staff members for their cooperation and excellent customer service offered by them at the branches. He explained the achievements of the Bank, i.e., upgrading the CBS software, digitalisation, shifting of the DR site to the different seismic zone, i.e., Bangalore, improving the ambience of the branches, conducting customer meetings at all the branches to receive the feedback of the customers, shifting of the Ashoknagar branch, expanding the area of operation to the neighboring 5 districts, and providing education loans at 8.75% interest to the youth. He also told the members that the bank has achieved 90% of CKYC updating due to the cooperation of its esteemed customers. He invited constructive suggestions from the members for the improvement of the bank. He said the unopposed re-election of the board has not only reposed faith but also imposed additional responsibility on the Board to achieve better results in the ensuing years. He emphasised the importance of discipline and strengthening the bank by improving various financial parameters like net worth, ROA, CRAR, and Asset quality, etc.
While explaining the future plans, he informed the members that the bank has already taken necessary steps towards expanding the area of operation to the whole state of Karnataka, including the establishment of E Lobby for the benefit of customers to deposit their cash and updating the passbooks, shifting of Surathkal, Moodbidri, and Udupi branches to more convenient premises for the benefit of the customers, and achieving higher turnover and profitability. He informed the members that the Board will come out with improved results at the next AGM, which will be held in September 2024.
Vice Chairman Jerald Jude D’Silva read the minutes of the 104th AGM.
The audited financials of 2022–23, audit report and compliance, programme of activities for the financial year 2023–24, budget for the year 2023–24, and amendments to the byelaws of the bank were presented before the AGM and were approved.
The chairman answered or clarified all the queries raised by the members during the meeting and assured that efforts would be made to implement their suggestions.
Directors Mr Andrew D’Souza, Joseph M. Anil Patrao, Dr Gerald Pinto, David D’souza, Elroy Kiran Crasto, Roshan D’Souza, Herald Monteiro, J.P.Rodrigues, Vincent Lasrado, Melwin Vas, Mrs Irene Rebello, Dr Freeda D’Souza, Professional Directors C.G.Pinto, Sushanth Saldanha, General Manager Sunil Menezes, Deputy General Manager Raj F. Menezes were present at the meeting.
General Manager Mr Sunil Menezes welcomed, Mr Aldrin Dsouza, Jr. Assistant Udupi Branch compered and Chairman Mr Anil Lobo proposed the vote of thanks. The meeting concluded with the National Anthem.