MCC Bank convenes AGM, announces 10% dividend

Mangalore Catholic Co-operative Bank Limited on Sunday September 22, convened its 101st annual general meeting at Loyola Hall, St Aloysius PU College, Codialbail, Mangaluru, here.

The meeting begun with a prayer song by the staff members of MCC Bank.

Chairman Anil Lobo in his presidential address said, “The bank has earned a net profit of Rs 5.21 crore, with a total deposit of Rs 333.17 crore, total reserves of Rs 33.88 crore, advances of Rs 215.46 crore, working capital of Rs 391.75 crore and share capital of Rs 14.29 crore.” Meanwhile, Anil Lobo announced 10 percent dividend to the shareholders.

 “MCC Bank offering NRE (Non-Resident External Rupee) account facilities to NRI customers. In the financial year bank installed ATMs at Kankanady, BC Road and Bajpe Branches. The bank is providing IMPS (Immediate Payment Service) and Mobile banking. Now the customers are able to make immediate payments from their accounts through the use of their mobile. E-stamping facility is also available at the Founders branch at Hampanakatta, and the same was implemented in Kankanady, BC Road, Udupi and Karkal Branches” he said.

The audited financials of 2018-19, audit report and compliance, programme for the financial year 2019-20 and budget for the year 2019-20, amendment to byelaws was presented before the AGM and approved. The Chairman answered all the questions raised in the meeting. The General Manager Sunil Menezes, Dy General Manager Raj F. Menezes, Accountant Anand Nazareth and Statutory Auditor Mr Maxim Fernandes were honoured.

Vice chairman Jerald Jude D’Silva read the minutes of the 100th AGM. Directors D J Patrao, David D’Souza, Andrew D’Souza, Marcel D’Souza, J.P.Rodrigues, Elroy Kiran Crasto, Irene Rebello, Freeda D’Souza, Professional Directors C.G.Pinto and Michael D’Souza were present at the meeting.

General manager Sunil Menezes compered, Chairman Anil Lobo welcomed and proposed the vote of thanks.