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ICICI Bank cuts MCLR by 5 bps across tenors

ICICI Bank cuts MCLR by 5 bps across tenors

The Reserve Bank, in its bimonthly policy review in February, had cut the key repo rate by 25 bps to 6.25 per cent.

ICICI Bank Monday cut the marginal cost of funds based lending rate (MCLR) across tenors by five basis points (bps) ahead of the Reserve Bank of India’s monetary policy meeting later this week.

ICICI Bank’s overall advances rose by 12 per cent year-on-year (y-o-y) to nearly Rs 5.64 lakh crore as of December 2018. “Muted loan growth on the domestic corporate lending side remains a drag as there is a large share of loans that the bank is looking to reduce its exposure,” analysts at KIE said.

“Loans to domestic corporates were flat y-o-y whereas international lending (mostly wholesale) was down 5 per cent y-o-y, a trend similar to previous quarters. Retail loans, however, continued to witness strong growth at 22 per cent y-o-y,” they added.

Growth in the bank deposits at 9.8 per cent y-o-y in the fortnight ended on March 1 slowed down compared with the growth of 10.2 per cent y-o-y, which was highest in one-nd-a-half years, in the fortnight to February 15, showed RBI data. —FE

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