Mumbai: Model Co-op Bank announces 12% dividend to shareholders during 98th AGM

By Rons Bantwal
Bellevision Media Network

Mumbai, 30 Aug 2015: Model Co-operative Bank convened their ninety-eighth annual general body meeting at St Xavier’s Engineering College auditorium, Mahim (West) here on Saturday August 29 evening.
 
The Bank chairman Albert W D’Souza presided the meeting here on Saturday.
 
Speaking on the occasion Albert said, ‘Model Bank is not limited to one community, it’s meant for the entire society. Its every customer is a partner in progress of the Bank. The partnership of customers is the driving force to achieve further success,’ said Albert.

 

 

He further said, ‘Model Bank bagged Top Bank Award by The Greater Mumbai Co-operative Banks Association Limited for achieving over Rs 300 crore deposits during 2013–14. The credit goes to Bank’s all customers and shareholders,’ said Albert. He also announced dividend of 12 percent to the shareholders. 
 
Model Bank achieved secured deposits of over Rs 610.82 crore, loans and advances of Rs 341.61crore, gross profit of Rs 67.30 crore and net profit of Rs 10.42 crore, after tax deductions net profit stood at Rs 6.62 crore.
 
Earlier, the bishop Dr Gerald D’Almeida of Jabalpur diocese celebrated the Thanksgiving Mass along with Fr Lancy John Roche on the occasion. The choir group of Kenneth Sequeira rendered the melodious hymns and partaken in the liturgical service.

 

The bishop Dr Gerald in his homily said that God is the strength of every Christian who had to set an example to others by being honest and transparent in dealings. Christians need not be just minority in the country in serving the nation. Model Bank is at the threshold of centenary celebrations got to foster customer service to emerge leading co-operative bank in the nation, said bishop Dr Gerald.

 

Model Bank founder chairman – veteran of co-operative movement John D’Silva, deputy chairman William Sequeira, directors Professor A P D’Souza, Abraham Clement Lobo, Lawrence D’Souza, Thomas D Lobo, Vincent Mathias, Lazarus Menezes, Paul Nazareth, Philip L S Pinto, Sanjay Shinde, advocate Pius Vas, Mariette D’Silva, Benedicta Rebello, Ronald H Mendonca and George Castelino, CEO William L D Souza were present at the dais.

 

 

The Bank senior managers Jenner D’Cruz and Hilary Mendonca, former directors, top officers, heads of different branches, shareholders and well wishers were present.

 

The Bank CEO William L D’Souza presented the annual accounts.

 

The condolences were offered for the demise of Bank director Prem Aranha on the same occasion.

 

Edward Rasquinha compered the programme. The additional chief manager Herald M Serrao proposed vote of thanks.