Indian Overseas Bank cut the one-month MCLR by 10 basis points to 8.20%, effective March 15, 2026. Q3 net profit rose 56.2% to ₹1,365 crore. Shares rose 0.86% to ₹33.85.
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Indian Overseas Bank said its Asset Liability Management Committee (ALCO), in a meeting held on March 12, 2026, has reduced the one-month marginal cost of funds-based lending rate (MCLR) by 10 basis points to 8.20%, effective March 15, 2026.
According to an exchange filing, the committee reviewed the MCLR workings as of March 10, 2026 and decided to cut only the one-month tenor, while keeping other tenors unchanged.
Following the revision, the overnight MCLR remains at 7.95%, the three-month MCLR at 8.40%, and the six-month MCLR at 8.65%. The one-year and two-year MCLR continue at 8.80%, while the three-year MCLR stands at 8.85%.
The revised rates will be effective from March 15, 2026 and will remain applicable until further review, the bank said in the filing.
IOB Q3 results
The bank reported a strong performance in the December quarter, with net profit rising 56.2% year-on-year to ₹1,365 crore compared with ₹873.7 crore in the same period last year.
Net interest income (NII) increased 18.3% to ₹3,298.5 crore from ₹2,789 crore a year earlier. Asset quality also improved during the quarter, with gross non-performing assets (NPAs) easing to 1.54% from 1.83% on a quarter-on-quarter basis, while net NPAs declined to 0.24% from 0.28% in the previous quarter.
Shares of Indian Overseas Bank ended marginally higher on Thursday, March 12, by 0.86% at ₹33.85 on the NSE.
(Edited by : Ajay Vaishnav)
