South Indian Bank hikes MCLR rate by 10-15 bps

The private lender announced an increase in marginal cost of funds based lending rate (MCLR) by 10-15 basis points across different tenors, effective from 20 June 2022.

The overnight MCLR increased from 7.70% to 7.80%, an increase of 10 basis points. MCLR for one month rose from 7.75% to 7.85%, a 10 basis point hike. The interest rate on the three month MCLR was raised from 7.80% to 7.95%, a 15 basis point hike, followed by the six month MCLR rate increased from 7.95% to 8.05%, a 10 basis point increase. The one year MCLR rate was raised from 8.20% to 8.35%, a 15 basis point increase. The revised rates will be effective from 20 June 2022.

South Indian Bank is a major private sector bank headquartered at Thrissur in Kerala, India. It reported a net profit of Rs 272.04 crore in Q4 FY22, steeply higher than net profit of Rs 6.79 crore in Q4 FY21. Total income declined 14.1% YoY to Rs 1,839.38 crore during the quarter.

Shares of South Indian Bank closed 0.66% lower to end at Rs 7.54 on the BSE.

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