Bank of Maharashtra spurts on increasing MCLR rate by 20-30 bps

Bank of Maharashtra surged 8.12% to Rs 35.30 after the public lender announced an increase in marginal cost of funds based lending rate (MCLR) by 20-30 basis points across different tenors, effective from 14 December 2022.

The overnight MCLR increased from 7.30% to 7.50% and MCLR for one month rose from 7.50% to 7.70%, a 20 basis point hike.

The interest rate on the three month MCLR was raised from 7.60% to 7.90%, followed by the six month MCLR rate increased from 7.70% to 8.00% and the one year MCLR rate was raised from 7.90% to 8.20%, a 30 basis point increase. The revised rates will be effective from 14 December 2022.

 

The state-run bank's net profit surged 102.93% to Rs 535 crore in Q2 FY23 as against Rs 264 crore posted in Q2 FY22. Total income rose 7% year on year (YoY) to Rs 4,317 crore in Q2 FY23 over Q2 FY22.

Bank of Maharashtra is a public sector bank in India. The Government of India held 90.97% stake in the bank as of 30 September 2022.

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