Allahabad Bank drops after slashing MCLR rate

Allahabad Bank was down by 3.23% to Rs 40.50 at 11:51 IST on BSE after the bank announced a downward revision of marginal cost of funds based lending rate by 5 basis points across different tenors.

The announcement was made after market hours yesterday, 12 June 2019.

Meanwhile, the S&P BSE Sensex was down by 214.68 points, or 0.54% to 39,542.13.

On the BSE, 1.05 lakh shares were traded in the counter so far compared with average daily volumes of 3.64 lakh shares in the past two weeks. The stock had hit a high of Rs 42 and a low of Rs 40.85 so far during the day.

 

Allahabad Bank announced that it cut marginal cost of funds based lending rate (MCLR) by 5 basis points (bps) across different tenors. The bank revised the overnight MCLR from 8.10% to 8.05%, one month MCLR from 8.20% to 8.15%, three months MCLR from 8.40% to 8.35%, six months MCLR from 8.45% to 8.40% and one year MCLR from 8.60% to 8.55%. The revised rates will be effective from 14 June 2019.

Allahabad Bank reported a net loss of Rs 3834.07 crore in Q4 March 2019 over a net loss of Rs 3509.63 crore in Q4 March 2018. The total income of the company rose by 8.06% to Rs 4602.86 crore during the stated period.

Allahabad Bank is a nationalized bank with headquarters in Kolkata.

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