MCC Bank gains Rs 2.61Cr Profit

MCC Bank gains Rs 2.61Cr Profit

Mangalore Today News Network 12:30:00

Mangalore, May 29: Mangalore Catholic Co-operative Bank, one of the oldest banks, has gained a gross profit of Rs 2.61 crores at the end the financial year, i.e. on 31 March, 2010 said Melwyn D’Cunha, Chairman of MCC in a press meet held here at Hotel Deepa Comforts, Mangalore on May 28.

He said that the bank has gradually progressed over the year.  The bank has earned a gross profit of Rs 2.61 crore by the end of financial year 2009-2010. The bank had registered some losses previous year. The bank will have a net profit of Rs. 2.14 crores, after adjusting to the accrue losses of previous year. The losses have been carried over to this year from previous year, he said.

He further added that there is possibility of getting a satisfying dividend from the profit of this year. The members bank have already ensured about this. But this will be decided after the statutory audit and inspection by the reserve bank of India.

The present board of directors is working under the leadership of Chairman Melwyn D’Cunha. The board was elected by the members in 2008 election. Since then the management is functioning under the direction of Melwyn and other team of board members. The board members have succeeded to take the bank to the path of progress leading to its healthy financial state. In 2008, after taking the charge of the bank management, the deposits of the bank were Rs. 93 crores and the advances were Rs. 42 crores. But now the deposits reached 133 crores from 93crores and advances progresses from 42 crores to 90 crores.

With strict adherence to RBI guidelines, the bank is in a move to progress further. It has decided to add more customers. Several projects will take place in coming years. In order to cope up with present competition, the bank has planned to start core banking solution and ATM network across the brach. 

On the occasion, John Rodrigues, the vice chairman, Dr. Edward Nazareth, Valerian Rodrigues, John D’Silva, Adolphus Cutinha( Dolla, Mangalore), Raymond D’Cunha, Jacintha Boremio were present in the press meet.