Bank of Baroda hikes MCLR rate by 10-20 bps

The state-run bank on Friday announced an increase in marginal cost of funds based lending rate (MCLR) by 10-20 basis points across different tenors, effective from 12 June 2022.

The public sector bank raised the MCLR by 10-20 basis points across tenors. The overnight MCLR increased from 6.60% to 6.80%, an increase of 20 basis points. MCLR for one month rose from 7.05% to 7.20%, a 15 basis point hike. The interest rate on the three month MCLR was raised from 7.15% to 7.25%, a 10 basis point hike, followed by the six month MCLR rate increased from 7.25% to 7.35%, a 10 basis point increase. The one year MCLR rate was raised from 7.40% to 7.50%, a 10 basis point increase. The revised rates will be effective from 12 June 2022.

The bank reported net profit of Rs 1,778.77 crore in Q4 FY22 as against a net loss of Rs 1,046.50 crore in Q4 FY21. Total income declined 3.7% to Rs 20,695.90 crore in Q4 FY22 from Rs 21501.94 crore in Q4 FY21.

Bank of Baroda is one of India's largest banks with a strong domestic presence spanning 8,168 branches and 11,487 ATMs and Cash Recyclers supported by self-service channels. The Bank has a significant international presence with a network of 94 overseas offices spanning 17 countries.

Shares of Bank of Baroda were down 4.47% to Rs 100.40 on the BSE.

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