Credit rating agency, CARE has reaffirmed AAA rating to Indian Bank’s Proposed Tier II Bonds (Basel III compliant) worth Rs 1000 crore. The rating takes into account the majority ownership of Indian Bank by the Government of India (GoI), its comfortable capitalization level, consistent business growth and comfortable liquidity and resource profile.
The bank’s net profit for the quarter declined by 34.73% at Rs 207.16 crore as compared to Rs 317.39 crore for the quarter ended June 30, 2013. Its total income has decreased marginally by 1.23% to Rs 4144.01 crore for the quarter under review from Rs 4195.48 crore for the corresponding quarter of the previous year.
