MCC Bank records pre-tax profit of Rs 12.20 cr in FY23, cuts NPA level

The Mangalore Catholic Cooperative (MCC) Bank, one of the pioneers of cooperative banks in Karnataka, has recorded a pre-tax profit of Rs 12.20 crore in the 2022-23 financial year.

The 111-year-old bank has been progressively reducing the non-performing assets (NPA) and for the first time in recent years, reduced the level to 1.37 per cent, a bank release said here on Thursday.

The bank has 16 fully computerised branches spread across Dakshina Kannada and Udupi districts.

With its operations now confined to the parent districts of Dakshina Kannada and Udupi districts since its inception in 1912, the bank is all set to expand its area of operations to five more districts.

The bank has decided to open branches in Uttara Kannada, Shivamogga, Chikkamagaluru, Hassan and Kodagu districts, with the efforts of the team led by chairman Anil Lobo.

Lobo said 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). There is turnover of Rs 993 crore in 2023 compared to Rs 500 crore in 2018.

The post-decennial century of the bank was celebrated by reaffirming the bank's commitment to society with financial assistance to the marginalised sections of society for house repairs, medical treatment, higher education, and girl child's marriage expenses, Lobo said in the release.

The chairman and board of directors appreciated and thanked the shareholders of the bank, customers and employees for the record growth during the last financial year.

The bank remains grateful to the NRI customers for their unstinted support in terms of business and capital, Lobo said.