The private lender announced an increase in marginal cost of funds based lending rate (MCLR) by 10 basis points across multiple tenors, effective from 20 November 2022.
The overnight MCLR increased from 8.20% to 8.30%. MCLR for one month rose from 8.25% to 8.35%. The interest rate on the three month MCLR was raised from 8.40% to 8.50%, followed by the six month MCLR rate increased from 8.60% to 8.70%. The one year MCLR rate was raised from 8.95% to 9.05%. The revised rates will be effective from 20 November 2022.
South Indian Bank is a major private sector bank headquartered at Thrissur in Kerala, India.
The bank reported net profit of Rs 223.10 crore in Q2 FY23 as against net loss of Rs 187.06 crore in Q2 FY22. Total income rose 10.62% year on year to Rs 1,995.24 crore in Q2 FY23.
Shares of South Indian Bank rose 0.76% to end at Rs 14.55 on Friday, 18 November 2022.
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