MCC Bank convenes AGM; announces 10% dividend

Mangalore Catholic Co-operative Bank Limited, on Sunday September 24, convened its 99th Annual General Meeting at St Sebastian Platinum Jubilee Hall, Bendur, here.

Chairman Francis Coutinho in his presidential address said, “The bank has earned a net profit of Rs 219.44 lac, with the total deposit of Rs 30461.54 lac, total reserves of Rs 2878.77 lac, advances of Rs 19138.88 lac, working capital of Rs 35312.86 lac and share capital of Rs 1323.75 lac.”

Meanwhile, Francis Coutinho announced 10 percent dividend to the shareholders.

Awards
“In the financial year 2016-17 the bank bagged 'Best Performing Urban Bank' award in Dakshina Kannada for overall performance and ‘Best Performing Urban Bank’ award in Mysore division in the category of working capital.

ATM implementation
“The progress made in respect of ATM implementation was placed before the AGM. Primary approval and testing has been completed. The second level testing is to be completed in Bengaluru, NPCI. Testing cards have been sent to Bengaluru on September 12 following the successful testing by Bengaluru, final approval is expected. On receiving the final approval, the date for inauguration of ATM live will be fixed,” he added.

Further the financials of 2016-17, audit report and compliance, programme for the financial year 2017-18 and Budget for the year 2017-18, was presented before the AGM and approved.

Vice chairman Alwyn Patrao read the minutes of last year AGM. Directors D J Patrao, Jerald J D’Silva, Denis D’Souza, Andrew D’Souza, Melwyn C D’Souza, Anil Lobo, Marcel D’Souza, Raymond Monteiro, Judi Pinto, Severine Lobo, Archibald Menezes, Herald Fernandes, Stephen Pinto were present for the meeting.

General manager incharge Sunil Menezes compered and proposed vote of thanks.