M.C.C. Bank posts record Rs 10.45cr profit, declares 10% Dividend

M.C.C. Bank Ltd recently convened its 106th Annual General Meeting (AGM) at Loyola Hall, St. Aloysius P.U. College, Mangalore, where it announced notable financial achievements for the Financial Year 2023-24.

Presided over by the Bank’s Chairman, Sahakara Ratna Mr. Anil Lobo, the meeting highlighted the bank’s strong financial performance, including a historic net profit of Rs. 10.45 crore, marking the first time the bank has reached this milestone. Additionally, shareholders were rewarded with a 10% dividend.

The Chairman outlined several key financial highlights during his address. The bank recorded a total deposit of Rs. 635.70 crore, reflecting a 10% increase over the previous year. The total advances grew by 25.21%, reaching Rs. 444.88 crore.

The working capital rose by 10.03%, standing at Rs. 752.95 crore, while the share capital experienced a growth of 14.07%, totaling Rs. 31.21 crore as of March 31, 2024. Impressively, the Non-Performing Assets (NPA) ratio was reduced to 1.12%, down from 1.37% in the previous fiscal year, with a provision coverage ratio of 78.34%. The Bank’s Return on Assets (ROA) was recorded at 1.39%.

An additional significant achievement included crossing the Rs. 1,000 crore business milestone, with the bank’s total business turnover increasing from Rs. 933.25 crore to Rs. 1,080.58 crore as of March 31, 2024. The bank also successfully opened its 17th branch in Brahmavara after a gap of 22 years, marking its continued expansion. Mr. Lobo emphasized the support of customers, members, and staff, attributing the bank’s success to their collective efforts.

In terms of future plans, the Reserve Bank of India (RBI) has granted permission for M.C.C. Bank Ltd to extend its operations throughout the entire state of Karnataka and open new branches. The Bank is poised to establish 10 new branches and shift four existing ones to more customer-friendly premises.

Furthermore, it is planning to enhance its digital banking services by introducing facilities such as Google Pay, PhonePe, and UPI services. Mr. Lobo stressed the importance of loan repayment by borrowers, which has directly contributed to the reduction in NPAs and the overall growth of the bank’s business.

The AGM also approved several resolutions, including the audited financials for 2023-24, the audit report and compliance, the proposed activities for 2024-25, and amendments to the bank’s by-laws. Vice Chairman Mr. Jerald Jude D’Silva presented the minutes of the 105th AGM, while the Chairman addressed and clarified members’ queries, assuring them of efforts to implement their suggestions.

The event concluded with a vote of thanks by Mr. Anil Lobo, followed by the National Anthem, signalling the bank’s continued commitment to growth and service expansion.