The Bank of Maharashtra has increased the marginal cost of funds based lending rate (MCLR) by 20–30 basis points across different tenors, the company announced in an exchange filing. This change will be effective from December 14, 2022.
The overnight MCLR went up by 20 basis points from 7.30 per cent to 7.50 per cent, while the one-month MCLR rose from 7.50 per cent to 7.70 per cent.
The interest rate on the three month MCLR increased to 7.90 per cent up by 30 basis points, and the six month MCLR rate rose from 7.70 per cent to 8 per cent. Even the one year MCLR was increased to 8.20 per cent, up by 30 basis points.
The shares of Bank of Maharashtra went up by 8.12 per cent to Rs 35.30 on Wednesday after the announcement was made.
The public sector bank reported a net profit of Rs 535 crore, up by 102.93 per cent in the second quarter of this financial year, against Rs 264 crore posted last year for the same period. The total income for the same quarter rose by seven per cent year-on-year to Rs 4,317.
As of September 30, 2022, the government of India holds 90.97 per cent stake in the bank.
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