Canara Bank makes revision in MCLR; stock plunges ~1%

7 Jun 2022 , 02:13 PM

Canara Bank Limited informed that it has made a revision in the Marginal Cost of Funds Based Lending Rate (MCLR) of the bank with effect from June 7, 2022.

The bank has changed the One-Year MCLR from the existing 7.35% to 7.40%, up by 5 basis points.
 
Bank’s six-month MCLR has been revised to 7.35% from existing 7.30%.

The MCLR for overnight and one-month tenor has been kept at 6.65%. Three-month MCLR is fixed at 6.95%.

MCLR is the minimum interest rate below which the bank cannot lend, except under certain circumstances.

Canara Bank reported a 64.90% yoy increase in net profit to Rs1,666.2 crore in the fourth quarter ended March 2022 (Q4FY22).

At around 2.17 PM, Canara Bank was trading at Rs207.65 down by Rs2.65 or 1.26% from its previous closing of Rs210.30 on the BSE. The scrip touched intraday high and low of Rs213.20 and Rs207.50 respectively.