Mangalore: MCC Bank convenes AGM; announces 10% dividend
By Sunil Menezes
Bellevision Media Network
Mangalore, Sep 23, 2014: Mangalore Catholic Co-operative (MCC) Bank Limited convened its ninety-sixth annual general body meeting at Milagres College grounds here on Sunday September 21 morning.
MCC Bank chairman Francis Coutinho in his presidential address said, ’All the 16 branches have recorded profit and the bank has earned a net profit of Rs 122.40 lac, with the total deposit of Rs 27611.32 lac, total reserves of Rs 2412.76 lac, advances of Rs 15380.87 lac, working capital of Rs 31378.93 lac and share capital of Rs 716.13 lac.’ Meanwhile, Coutinho announced 10 percent dividend to the shareholders.
Cutinho further explained the need to decrease the cost of funds of the bank to compete with the commercial banks. He urged the members to get the benefits of facilities extended by the Bank, extend their co-operation to increase the net worth of the bank thereby obtain the NRI facility and thus to get a schedule bank status at the earliest. He earnestly requested the businessmen present over the meeting to utilize the SME loan facility which is currently fixed at competitive rate.
MCC Bank deputy chairman Alwyn Patrao, general manager Raj F Menezes, directors – D J Patrao, Jerald J D’Silva, Denis D’Souza, Andrew D’Souza, Melwyn C D’Souza, Veronica J Pinto, Archibald Menezes, Herald Fernandes were present at the dais.
Alwyn Patrao proposed vote of thanks.
A total 1365 members were present at the meeting.