The PSU bank on Friday announced an increase in marginal cost of funds based lending rate (MCLR) by 10 basis points, effective from Saturday, 10 September 2022.
The overnight MCLR increased from 6.95% to 7.05%, followed by the one month MCLR rate raised from 7.05% to 7.15%. The interest rate on the three month and six month MCLR rose from 7.60% to 7.70%.The one year MCLR rate rose from 7.65% to 7.75%. The interest rate on the two year and three year MCLR rose from 7.70% to 7.80%.
The public sector bank raised the MCLR by 10 basis points across tenors. The revised rates will be effective from Saturday, 10 September 2022.
The bank reported 20.1% rise in net profit to Rs 392.18 crore despite of a 2.5% decline in total income to Rs 5,028.20 crore in Q1 FY23 over Q1 FY22.
Indian Overseas Bank is one of the 12 public sector banks (PSB) in India. As of 30 June 2022, the Government of India held 96.38% in IOB, followed by institutional investors, the public, and others.
Shares of Indian Overseas Bank were down 0.79% to settle at Rs 18.75 on Friday, 9 September 2022.
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