Bank of Baroda hikes MCLR rates by 20-35 bps

The PSU lender has increased marginal cost of funds based lending rate (MCLR) with effect from 12 January 2023.

The overnight MCLR increased by 35 basis points from 7.50% to 7.85%. MCLR for one month rose by 20 basis points from 7.95% to 8.15%. The interest rates on the three month MCLR was raised by 20 basis points from 8.05% to 8.25%, followed by six month MCLR rate increased by 20 basis points from 8.15% to 8.35%. The one year MCLR rate was raised by 20 basis points from 8.30% to 8.50%.

Bank of Baroda is one of India's largest banks with a strong domestic presence spanning 8,161 branches and 11,461 ATMs and cash recyclers supported by self-service channels. The government of India held 63.97% in the bank.

 

The bank's net profit jumped 58.7% to Rs 3,313.42 crore on 13.9% rise in total income to Rs 23,080.03 crore in Q2 FY23 over Q2 FY22.

Shares of Bank of Baroda were down 0.19% to Rs 180.15 on the BSE.

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