Bank reports pre-tax Rs 12.2 crore gain

By Consultants Review Team Thursday, 13 April 2023

theThe 111-year-old Mangalore Catholic Cooperative (MCC) Bank reported a pre-tax gain of Rs 12.2 crore. The bank’s revenue has jumped to Rs 933.21 crore from the previous fiscal year’s Rs 861 crore turnover, said bank chairman Anil Lobo.

Addressing the reporters, Lobo said theirs is one of the oldest banks in the region (established in 1912). Besides profit, the bank has also witnessed a reduction in non-performing assets (NPA)  from 1.6% in FY 21-22 to 1.37% in FY 22-23.

The bank has recorded substantial growth in business and financial parameters in the financial year that ended on March 31, 2023, with a total business of Rs 933.21 crore. The net worth of the bank reached Rs 59 crore compared to Rs 46 crore the previous year (provisional). The total business of the bank was just Rs 500 crore when the new bank committee took charge in 2018. It has almost grown an additional 90% in five years. It is also the same with profit which is around Rs 3.30 crore in 2018.

Lobo said they are planning to extend the service to Uttara Kannada, Shivamogga, Chikkamagaluru, Hassan, and Kodagu districts. “We are planning to set up branches,” Lobo said

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