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The overnight MCLR increased by 20 basis points from 9.05% to 9.25%. MCLR for one month also rose by 20 basis points from 9.10% to 9.30%. The interest rates on the three month MCLR was raised from 9.15% to 9.35% and the six month MCLR rate increased from 9.25% to 9.45%, a 20 basis point hike.
The one year MCLR rate rose by 15 basis points from 9.50% to 9.65%. The revised rates will be effective from 20 August 2023.
South Indian Bank is a leading Kerala-based Private sector bank with a nationwide presence. The bank has 941 branches, 1170 ATMs and 126 CDMs/CRMs across India and a representative office in Dubai, UAE.
The private sector bank reported 76% rise in net profit to Rs 202 crore on a 34% increase in net interest income to Rs 808 crore in Q1 FY24 as compared with Q1 FY23.
Shares of South Indian Bank jumped 6.45% to end at Rs 22.44 on Friday, 18 August 2023.
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