South Indian Bank hikes lending rates by 5 bps, stock gains

South Indian Bank has increased its marginal cost of funds based lending rates (MCLR) by 5 bps for multiple tenors, with effect from November 20.

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Stocks of South Indian Bank opened 0.6 percent higher on November 20, after the lender announced a hike in lending rates across all tenures. At 9:30 am, the stock was trading at Rs 25.10 against Rs 24.95 at close on November 17.

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According to a November 20 regulatory filing, South Indian Bank has increased its marginal cost of funds based lending rates (MCLR) by 5 bps for multiple tenors, with effect from November 20. Overnight MCLR now stands at 9.50 percent, One-month MCLR stands at 9.50 percent and Three-month MCLR stands at 9.55 percent. The Six month and One Month MCLR have also been increased to 9.65 percent and 9.80 percent, respectively.

Also read: South Indian Bank Q2 Results: Net profit jumps over 23% to Rs 275 cr, asset quality stable

On October 19, the private sector lender reported a 23.2 percent on-year spike in net profit for Q2FY24 to Rs 275 crore for quarter ending September 2023. Gross non-performing asset (GNPA) for the period fell by  4.96 percent from 5.67 percent in Q2FY23. For the same period the personal loan book grew by Rs 684 crore from Rs 1,423 crore to Rs 2,107 crore but the  gold loan portfolio went up by Rs 2,087 crore from Rs 12,911 crore to Rs 14,998 crore on a YoY basis.

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