UCO Bank Revises Lending Rates Across Tenures, 1 Year MCLR At 8.75%; Check New Rates Here

State-owned UCO Bank has revised the marginal cost of funds-based lending (MCLR) rate. The revised MCLR rate of UCO Bank is effective from December 10, 2023. The Indian public sector has however kept the treasury bill-linked lending rates (TBLR), repo-linked rate, base rate, and BPLR unchanged.

The bank's decision to change MCLR rates comes after the Reserve Bank of India (RBI) on December 8, decided to keep the repo rate unchanged at 6.50%. The MCLR is the lowest interest rate at which a bank can make a loan to a customer.

The one-month MCLR has been revised to 8.20%. The new three-month MCLR rate is 8.35%. Six-month MCLR has been revised to 8.60%, the one-year MCLR has been raised to 8.75%, and the overnight MCLR rate has been revised to 8.00%

The bank has a TBLR (three months) rate at 6.90%, TBLR (6 months) at 7.05%, and TBLR (12 months) at 7.10%.
For the quarter ended September 2023, the Kolkata-headquartered bank reported a 20% fall in its net profit to Rs 402 crore. The lender's total income during the July-September period rose to Rs 5,866 crore compared to Rs 4,965 crore in the year-ago period.

The state-owned bank saw an improvement in the bank's asset quality as the gross NPAs declined to 4.14% of the gross advances as of end-September 2023 compared to 6.58% in the previous fiscal.

Net NPAs of UCO Bank also declined to 1.11% against 1.99% a year ago.

The share price of UCO Bank Ltd was up 1.51% at Rs 40.45 per share at 1:48 pm IST.