UCO Bank hikes MCLR, TBLR rates by 5-10 bps

The public lender increased marginal cost of funds based lending rate (MCLR) and treasury bill benchmark linked lending rate (TBLR) with effect from 10 March 2024.

The overnight MCLR increased by 10 basis points from 8.00% to 8.10%. MCLR for one month also rose by 5 basis points from 8.25% to 8.30%. The interest rates on the three month MCLR was raised from 8.40% to 8.45% and the six month MCLR rate increased from 8.65% to 8.70%, a 5 basis point hike.

The one year MCLR rate rose by 5 basis points from 8.80% to 8.85%. Further, the TBLR for three month has been increased by 5 basis points from 6.95% to 7%. The bank stated that the other benchmark rates viz. repo linked rate, base rate, TBLR (6/12 month) and BPLR to remain unchanged.

The revised rates will be effective from 10 March 2024.

UCO Bank is engaged in providing wide range of banking and financial services including retail banking, corporate banking and treasury operations.

The banks standalone net profit declined 23% to Rs 502.83 crore on 17.7% increase in total income to Rs 6,412.71 crore in Q3 FY24 over Q3 FY23.

The scrip declined 1.66% to settle at Rs 57.58 on Thursday, 7 March 2024.

The domestic market is closed today, on account of Mahashivratri.

Powered by Capital Market - Live News