media release
Mangaluru, April 5: MCC Bank Ltd, fondly known as MCC Bank, completes 112 years of dedicated service this year, achieving remarkable progress across all business metrics for the financial year ending March 31, 2024 It’s a schedule.
The bank recorded an exceptional unaudited operating profit of Rs 1,312 crore in the financial year and made consistent efforts to reduce net NPAs, successfully bringing them down to 1.07% of total advances for the first time in recent years. As of December 2023, the Bank’s total turnover reached his Rs 1,000 crore milestone and by the close of trading on March 31, 2024, he would further increase to Rs 1,081 crore and 16 % growth. The bank, which boasts an increase in net worth to Rs 7,635 crore compared to Rs 6,245 crore earlier, continues to benefit from NRI support.
The bank initially served only the twin districts of Coastal Karnataka, Dakshina Kannada and Udupi, but thanks to the dedicated efforts of the management team led by Anil Lobo, the bank expanded to Uttara Kannada and Shivamogga. It has expanded its service coverage to adjoining districts such as the state, Chikmagalur, Hassan and Coorg. After receiving approval from the Reserve Bank of India to expand its operations across the state during the last financial year, the bank opened its 17th branch in Brahmavar after 22 years. Further expansion plans include opening three new branches in Kabul, Belthangady and Shivamogga throughout the ongoing financial year. This is his second urban cooperative bank to have an NRI facility in Karnataka.
Last year, a 14-member management team led by Anil Lobo was elected without any objections for a further five-year term (2023-2028). This overwhelming support reflects bank employees’ confidence in management. Mr. Anil Lobo, who was unanimously elected Chairman of the Board, expressed his gratitude for the confidence placed in him.
We have been able to achieve such impressive growth primarily due to the unwavering support of our members, the trust of our customers, and the dedicated efforts of our bankers. Looking ahead, the Bank, along with its dedicated staff and the continued support of its esteemed members and customers, aims for further success this year.
Chairman Anil Lobo, Vice Chairman Gerardo Jude Silva, Directors Andrew D’Souza, Dr. Gerardo Pinto, Anil Patrao, JP Rodriguez, David D’Souza, Elroy Kiran Crust, Gerardo Monteiro, Roshan D’Souza, Melvin -Vas, Vincent Lasurado, CG Pinto, Sushanth Saldaña, Irene Rebello, Dr. Frida D’Souza, Alwin Monteiro, Felix D’Cruz, Sharmila Menezes and general manager Sunil Menezes attended the press conference.
