Mangalore Catholic Co-operative bank records Rs 8.3 crore profit

MANGALURU: The Mangalore Catholic Co-operative Bank Limited (MCC) has recorded a net profit of Rs 8.3 crore (FY-21-22), despite the pandemic. Meanwhile, the turnover of the bank jumped to Rs 861 crore, which was just Rs 510 crore in the year 2018, said bank chairman Anil Lobo.
He was addressing the press on Friday. One of the oldest banks in the region, established in 1912, it is the post-centennial decennial year of the institution. Lobo said that the NPA which was 7.17% in 2018 when the current board took over, has reduced to just 1.6%. “This is an indication of the bank’s stability and growth. Besides, the compound annual rate of growth is around 15%,” he added.
Customer meet tomorrow
Lobo stated that the bank has seen steady growth in the number of customers, as well as facility upgrades over the years. “Due to the pandemic, we were not able to organize customer meetings in the past two years. The same will be held in all branches across Udupi and Dakshina Kannada,’’ he said. Lobo said that the first customer meet will be held at the founder’s branch, situated at Light House Hill Road, on Sunday.