MCC Bank holds Milestone Event to mark Rs 1000 crore business turnover – KONKANCATHOLIC.COM

MCC Bank holds Milestone Event to mark Rs 1000 crore business turnover

January 22, 2024

Mangaluru: MCC Bank Limited was founded with a capital of mere ten thousand rupees in 1912 by visionary community leader P. F. X. Saldanha as a co-operative society. Today, the bank has grown and reached a milestone of 1000 crore turnover; that too, turnover has doubled in just the past 5 years under the able leadership of dynamic youth leader Anil Lobo.

In the year 2018, the turnover of the bank was just 503 crores, and the profit was just 3 crores. Today, the Bank reached a milestone turnover of Rs. 1000 crore and recorded a profit of Rs. 10.38 crore. This indicated the all-round development of the bank in just five years, under the leadership of Anil Lobo and his dedicated team.

To record a few achievements by the team led by Anil Lobo for the past five years:

There has been considerable growth in the financial health of the bank. For the first time in the history of 112 years of the bank, NPA has dropped to 1.37% and net profit has leaped to 10.38 crore.

Expansion and setting up new branches almost stood still in 2002, with 16 branches and an area of operation confined to D.K. and Udupi Districts. Now the bank has permission to expand its area of operation to five more districts named Chikmagalur, Shimoga, Kodagu, Hasan, and Uttara Kannada.

The complete upliftment of NRI facilities at the MCC Bank has earned it the tag of the only bank in the co-operative sector in coastal Karnataka offering complete NRI facilities.

  • In the 112 years of the bank, the chairman got the Sahakara Ratna from the Government of Karnataka, and Anil Lobo became the first Mangalorean Roman Catholic to get the coveted Sahakara Ratna Award.
  • The turnover doubled from 503 crore in 2018 to 1000 crore today.

As reaching 1000 crore turnover is an important milestone in the history of 112 years of the bank, to celebrate and share the joy, an event was held on Sunday, January 21, 2024, at Milagres Jubilee Hall (MILESTONE EVENT CELEBRATION) for 1000 crore business turnover at 6 p.m.

CA Rudolph Rodgrigues delivered the keynote address, and NRI Entrepreneur and philanthropist Michael D’Souza was the Chief guest. Rev. Fr Bonaventure Nazareth, Parish Priest, Milagres Church, J R Lobo, former MLA, Ivan D’Souza, Former MLC, Rohan Monterio, MD of Rohan Corporation and Community Leader and former director of the Pollution Control Board, Pius L. Rodrigues, were guests of honor.

Chairman Anil Lobo preside over the function. On this occasion, the chairman of the bank, Anil Lobo, was felicitated for bagging the prestigious Sahakara Ratna Award.

To make the event memorable and express solidarity with society in general, financial aid was distributed to Manasa Rehabilitation and Training Centre, Pambur, Udupi, Suraksha Charitable Trust, Karkala, Prajna Chinnara Tangudama Kendra, Kapikad, Mangalore.

New projects of the bank, like E Lobby, Passbook Printing Kiosk, and personalised cheque books were launched, and the fourth bulletin of the bank was released.

The celebration concluded with light classical music and a fellowship dinner.