MCC Bank holds event to mark Rs 1000 crore business turnover

Press Release, Jan 21, 2024, 8:05 PM IST

MCC Bank Limited was founded with a capital of mere ten thousand rupees in 1912 by visionary community leader P F X Saldanha just as a co-operative Society. Today the Bank has grown and reached a milestone of 1000 crore turnover, that too the turnover doubled in just the past 5 years under the able leadership of dynamic youth leader Anil Lobo.

In the year 2018 the turnover of the bank was just 503 crores and the profit was just 3 crore. Today the Bank reached a milestone turnover of 1000 crore and recorded a profit of Rs.10.38 crore. This indicated the all round development of the bank in just five years, under the leadership of Anil Lobo and his dedicated team.

To record few achievements by the team led by Anil Lobo for the past FIVE years :

· Considerable growth in the financial health of the bank. First time in the history of 112 years of the bank, NPA has dropped to 1.37% and net profit leaped to 10.38 Crore

· Expansion and setting up new branches almost came to stand still in the year 2002 with 16 branches and area of operation confined to D.K and Udupi Districts. Now the bank got permission to expand its area of operation to 5 more districts named Chikmagalur, Shimoga, Kodagu, Hasan and Uttara Kannada

· Complete upliftment of NRI facilities in the MCC Bank has gained the tag of the only bank in the co-operative sector in coastal Karnataka offering complete NRI facilities.

· In the 112 years of the Bank the chairman of the bank got Sahakara Ratna from Government of Karnataka and Anil Lobo became the first Mangalorean Roman Catholic to get the coveted Sahakara Ratna Award.

· The turnover got doubled from 503 crore (2018) to 1000 crore (Today)

As reaching 1000 crore turnover is an important milestone in the history of 112 years of the bank, to celebrate and share the joy an event was held on Sunday 21st January 2024 at Milagres Jubilee Hall – MILESTONE EVENT CELEBRATION – 1000 crore business turnover at 6.00 p.m.

CA Rudolph Rodgrigues delivered the Keynote address and NRI Entrepreneur and philanthropist Michael D Souza was the Chief guest. Rev Fr Bonaventure Nazareth, Parish Priest, Milagres Church, J R Lobo, former MLA, Ivan D Souza, Former MLC, Rohan Monterio, MD of Rohan Corporation and Community Leader and former director of Pollution Control Board Pius L Rodrigues were guests of honor.

Chairman Anil Lobo will preside over the function. On the occasion, the chairman of the bank Anil Lobo will be felicitated for bagging the prestigious Sahakara Ratna Award.

To make the event memorable and express solidarity with society in general financial aid will be distributed to Manasa Rehabilitation and Training Centre, Pambur, Udupi, Suraksha Charitable Trust, Karkala, Prajna Chinnara Tangudama Kendra, Kapikad, Mangalore.

New projects of the bank like E Lobby, Passbook printing Kiosk, and Personalised cheque books were launched and the fourth bulletin of the bank was released.

The celebration concluded with light classical music and a fellowship dinner.