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Model Co-Operative Bank Ltd. holds 102nd AGM – Announces 10% dividend to shareholders

Published On : 29 Aug 2019   |  Reported By : Rons Bantwal

Mumbai: The 102nd Annual General Meeting of Model Co-operative Bank Ltd. was held on Saturday 24th August, 2019 at Xavier Institute of Engineering, Mahim.

Rev. Fr. Reuben Tellis, Parish Priest, Mount Carmel Church, Bandra (W) celebrated the Eucharist followed by the Annual General Meeting which was attended by approximately 300 Shareholders.

The Chairman Albert W. D'Souza presided over the meeting and extended a warm welcome to the Shareholders / Members. He thanked them for attending the Annual General Meeting and reposing their trust in the Bank.

The Chairman in his inaugural speech, placed before the Shareholders / Members the important developments in the Indian Economy during the year.

He further stated that the profitability of the Bank during the financial year 2018 – 19 is comparable with any other Co-operative Bank and it is good. The Bank has achieved deposit of Rs.1022.19 crores, a growth of Rs.102.69 crores (11.17% on YOY basis). The Chairman thanked all the Members, Customers and Well Wishers for their overwhelming support and helping the Bank to cross deposits over Rs.1000 crores during the year and stated that our application to Reserve Bank of India for being considered as a Scheduled Bank is receiving consideration.

The advances of the Bank have increased to Rs.560.94 crores, an increase of Rs.50.05 crores (9.80% on YOY basis). The Capital Adequacy Ratio stood at 13.12%. The Net Profit (After Tax) stood at Rs.7.60 crores. Our NPA levels are low, with Net NPA of 1.59%.

The Chairman informed the Shareholders / Members that in order to cater to their needs the Bank has opened 4 new Branches at Vikhroli (E) and Panvel (Navi Mumbai) in the F.Y. 2018-19 and Goregaon (W) and Sakinaka, Andheri (E) in the 1st quarter of F.Y. 2019-20. This takes our current network of Branches to 25.

The Chairman stated that the Bank has received permission and is in the process of setting up a direct RTGS and NEFT platform with our own IFSC code. This will facilitate quicker processing of these transactions. The Bank has also received permission from Reserve Bank of India for starting Mobile Banking (IMPS) and the modalities are being finalized.

The Chairman also mentioned that the Bank has been receiving a series of awards over the years and this year has been no exception. He announced that our Bank has been awarded the 2nd Prize for overall performance by ‘The Brihan Mumbai Nagari Sahakari Banks Association Ltd.’ Mumbai in the category of deposits between Rs.500 crores to Rs.2000 crores for the F. Y. 2018-19. The Bank was felicitated at the award ceremony held on 9th August, 2019.

The Chairman presented the Audited Statements of Accounts including the Balance Sheet and Profit and Loss Account for the year ended March 31, 2019. The Members raised queries and the Chairman and GM & CEO, William D'Souza provided clarifications to the queries of the Members.

Founder Chairman, John D'Silva, Directors Vincent Mathias and Pius Vas addressed the gathering.

Directors Paul Nazareth, Abhraham C.Lobo, Sanjay Shinde, Ancy D'Souza, Gerald Cardoza, Marita D'Mello, Benedicta Rebello, George Castelino, Ronald H. Mendonca and Deputy General Manager Zenon D’Cruz were also present.

Aloysious Edward Rasquinha, Manager compered the programme.

Director, Thomas Lobo proposed the vote of thanks.

The meeting concluded with singing of the National Anthem.

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