The private lender on Tuesday announced an increase in marginal cost of funds based lending rate (MCLR) by 25 basis points across different tenors, effective from 7 December 2022.
The overnight MCLR increased from 8.05% to 8.30%. MCLR for one month rose from 8.20% to 8.45%. The interest rate on the three month MCLR was raised from 8.35% to 8.60%, followed by the six month MCLR rate increased from 8.70% to 8.95%. The one year MCLR rate was raised from 8.80% to 9.05%. The revised rates will be effective from 7 December 2022.
Karur Vysya Bank is a private sector bank headquartered in Karur, Tamil Nadu. It provides both commercial and consumer banking services.
The bank's net profit surged 51.2% to Rs 250.23 crore on 16.7% jump in total income to Rs 1,821.05 crore in Q2 FY23 over Q2 FY22.
Shares of Karur Vysya Bank rose 0.85% to Rs 100.35 on the BSE.
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