Bank of Baroda hikes MCLR rate by 5-15 bps

The public sector lender on Friday announced an increase in marginal cost of funds based lending rate (MCLR) by 5-15 basis points, effective from Monday, 12 September 2022.

The overnight MCLR increased from 6.85% to 7%, an increase of 15 basis points, followed by the one month MCLR rate raised from 7.40% to 7.50%, a 10 basis point hike. The interest rate on the three month MCLR was raised from 7.45% to 7.50%, a 5 basis point hike. MCLR for six month rose from 7.55% to 7.65%, a 10 basis point increase. The one year MCLR rate rose from 7.70% to 7.80%, a 10 basis point increase.

The public sector bank raised the MCLR by 5-15 basis points across tenors. . The revised rates will be effective from Monday, 12 September 2022.

 

The bank reported 79.4% rise in net profit to Rs 2,168.13 crore on a 1% rise in total income to Rs 20,119.52 crore in Q1 FY23 over Q1 FY22.

Bank of Baroda is one of India's largest banks with a strong domestic presence spanning 8, 163 branches and 11,475 ATMs and Cash Recyclers supported by self-service channels. The bank has a significant international presence with a network of 94 overseas offices spanning 17 countries. As of 30 June 2022, Government of India held 63.97% stake in the bank.

Shares of Bank of Baroda were down 0.29% to settle at Rs 138 on Friday, 9 September 2022.

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