Canara Bank hikes MCLR rates by 10-45 bps

The PSU lender increased marginal cost of funds based lending rate (MCLR) with effect from 12 March 2023.

The overnight MCLR increased by 35 basis points from 7.55% to 7.90%. MCLR for one month rose by 45 basis points from 7.55% to 8%. The interest rates on the three month MCLR was raised by 25 basis points from 7.90% to 8.15%.

The six month MCLR rate increased from 8.30% to 8.40% and one year MCLR rate rose from 8.15% to 8.35%, a 10 basis point hike. The revised rates will be effective from 12 March 2023.

Canara Bank is a public sector bank. As on 31 December 2022, the bank has 9,720 bank branches, out of which 3049 are rural, 2744 semi-urban, 1,998 urban & 1,929 metro along with 10,745 ATMs. The bank is also having 3 overseas branches in London, New York and Dubai.

The public sector bank reported 91.88% jump in standalone net profit to Rs 2,882 crore on 23.01% rise in total income to Rs 26,217 crore in Q3 FY23 over Q3 FY22.

Shares of Canara Bank slipped 3.95% to end at Rs 298.10 on Friday, 10 March 2023.

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