State-owned Canara Bank Ltd has revised its Marginal Cost of Funds Based Lending Rate (MCLR), effective March 12, 2025, reducing rates by 5-15 basis points (bps) on select tenures. This move aims to enhance affordability for borrowers and stimulate credit growth, particularly for longer-term loans.
As per Canara Bank’s regulatory filing:
These reductions, particularly in two-year and three-year loans, are expected to benefit businesses and individuals looking for long-term credit, making borrowing more attractive.
Canara Bank reported a 12% year-on-year increase in net profit, reaching ₹4,104 crore for the third quarter. However, its Net Interest Income (NII) declined 3% YoY, amounting to ₹9,149 crore compared to ₹9,417 crore in the previous financial year.
Canara Bank’s share price traded at ₹83.55 at 10:00 AM as of March 12, 2025, reflecting a modest gain of 0.32% (₹0.27) from its previous close of ₹83.28. The stock opened at ₹83.30, touched an intraday high of ₹84.10, and recorded a low of ₹83.30.
Canara Bank’s MCLR rate cuts align with its commitment to enhancing credit accessibility and boosting economic activity.
Coupled with strong financial performance and improving asset quality, the bank continues to reinforce its position as a key player in India’s banking sector. These developments are expected to benefit both borrowers and investors, setting a positive tone for the bank’s future growth.
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Published on: Mar 12, 2025, 10:05 AM IST
Neha Dubey
Neha Dubey is a Content Analyst with 3 years of experience in financial journalism, having written for a leading newswire agency and multiple newspapers. At Angel One, she creates daily content on finance and the economy. Neha holds a degree in Economics and a Master’s in Journalism.
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