M.C.C. Bank records INR 13.12 cr profit, Expands area of operation to Karnataka state

Press Release, Apr 5, 2024, 1:25 PM IST

MCC Bank Ltd, fondly known as MCC Bank, is set to complete 112 years of devoted service this year, having accomplished noteworthy progress across all business metrics for the financial year ending 31st March 2024.

The Bank recorded an exceptional pre-audit operating Profit of INR 13.12 Crore for the fiscal year, consistently striving to reduce the Net NPA, and successfully decreasing it to 1.07% of the total advances for the first time in recent years.

As of December 2023, the Bank reached a milestone of INR 1000 Crore in total business turnovers, further increasing to INR 1081 Crore by the close of 31st March 2024 showing a growth of 16%. Boasting an enhanced net worth of INR 76.35 Crore compared to the previous INR 62.45 Crore, the Bank continues to benefit from NRI support.

Initially serving only the twin districts of coastal Karnataka—Dakshina Kannada and Udupi—the Bank expanded its reach to adjacent districts like Uttara Kannada, Shivamogga, Chickmagaluru, Hassan, and Coorg, thanks to the diligent efforts of the management team headed by Anil Lobo.

With approval granted by Reserve Bank of India to expand operations statewide during the past financial year, the Bank opened its 17th branch in Brahmavara following a 22-year lapse. Further expansion plans include opening three new branches in Kavoor, Belthangady, and Shivamogga throughout the ongoing financial year. The 2nd Urban Co. operative Bank in Karnataka having NRI facility.

Last fiscal year witnessed the uncontested election of a 14-member management team, led by Anil Lobo, for another 5-year term (2023-28). This overwhelming endorsement reflects the faith placed in the management by the Bank’s members. Unanimously chosen as Chairman of the Board of Directors, Anil Lobo expressed gratitude for the confidence bestowed upon him.

Achieving such impressive growth can be attributed primarily to the unwavering support from members, customer trust, and dedicated efforts of Bank employees. Looking ahead, the Bank aims to attain even greater success in the current financial year with continued backing from esteemed members and clients along with committed staff members.