South Indian Bank rises on increasing MCLR rate by 30-35 bps

South Indian Bank gained 3.43% to Rs 10.56 after the private lender increased in marginal cost of funds based lending rate (MCLR) by 30-35 basis points across different tenors, effective from 20 September 2022.

The overnight MCLR increased from 7.85% to 8.15 and MCLR for one month rose from 7.90% to 8.20%, a 30 basis point hike. The interest rate on the three month MCLR was raised from 8% to 8.30%, a 30 basis point hike, followed by the six month MCLR rate increased from 8.15% to 8.50%, a 35 basis point increase. The one year MCLR rate was raised from 8.50% to 8.85%, a 35 basis point increase. The revised rates will be effective from 20 September 2022.

South Indian Bank is a major private sector bank headquartered at Thrissur in Kerala, India.

The private lender reported a net profit of Rs 115.35 crore in Q1 FY23, steeply higher than net profit of Rs 10.31 crore in Q1 FY22. Total income declined 10.4% YoY to Rs 1,868.15 crore during the quarter.

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