On December 6 2022, the private lender announced a marginal cost of funds-based lending rate (MCLR) with an increasing rate by 25 basis points across different tenors, effective from December 7, 2022 (tomorrow).

The overnight MCLR increased to 8.3% from 8.05%. MCLR increased to 8.45% from 8.20%. The interest rate MCLR was raised to 8.6% from 8.35% for three months, followed by the six-month MCLR rate rise to 8.95% from 8.70%. The MCLR rate was increased to 9.05% from 8.8% in 2021. The rates will be revised from December 7 2022.

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In Karur, Tamil Nadu, Karur Vysya Bank’s headquarters provides consumer and commercial banking services.

On a consolidated basis, the bank’s net profit rose 51.2% to Rs 250.23 crore on a 16.7% jump in total income to Rs 1,821.05 crore in the second quarter of FY23 over the second quarter of FY22.

On the Bombay Stock Exchange (BSE), Karur Vysya Bank’s shares hit a high of 0.85% to Rs 100.35.