M.C.C. Bank has revealed in its 105th AGM, in Mangalore that it has performed 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 the FY 2021-22. The Chairman of the Bank, Anil Lobo presided over the meeting.
The meeting started with Chairman Anil Lobo, Vice Chairman Jerald Jude D’silva and Professional Director C.G. Pinto and offering floral tributes to the Founder of the bank, P.F.X Saldanha by Chairman Anil Lobo, Vice Chairman Jerald Jude D’silva, Members Allen C. Pereira (Ex Chairman of Bank of Maharashtra), Mrs Celestine Leena Monteiro, (Ex Senior Manager, Karnataka Bank) and Mrs Marjorie Texeira (Ex Senior Executive, HDFC Bank).
Addressing the meeting the Chairman said that, “during the 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 on 31.03.2023.
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, says a release issued by the bank.
The chairman thanked all the members of the Bank for their unstinted support and cooperation to the Bank and helped the Bank in achieving unprecedented growth in the 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 DR site to the different seismic zone i.e., Bangalore, improving the ambience of the branches, conduct of customer meet at all the branches to receive the feedback of the customers, shifting of Ashoknagar branch, expanding the area of operation to the neighbouring 5 districts and provision of education loans at 8.75 % interest to the youth.
The chairman also informed the AGM that the bank has achieved 90 % of CKYC updating due to the cooperation of the esteemed customers of the Bank. 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, 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, achieving higher turnover and profitability. He informed the members that the Board will come out with improved results in 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, program of activities for the financial year 2023-24 and budget for the year 2023-24, amendments to the byelaws of the bank, were presented before the AGM and were approved.
The Chairman answered/clarified all the queries raised by the members during the meeting and assured that the efforts would be made to implement suggestions made by them.
Directors 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 Sunil Menezes welcomed, Aldrin Dsouza, Jr Assistant Udupi Branch compered and Chairman Anil Lobo proposed a vote of thanks.
“Wow, these net worth figures are mind-blowing! It just shows what’s possible with dedication and smart financial decisions.”