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CRISIL reaffirms ratings assigned to bank facilities of Indian Overseas Bank

19 Nov 2014 Evaluate

Credit rating agency, CRISIL has reaffirmed its ‘AA/Stable’ rating on Indian Overseas Bank’s Lower Tier II Bonds. The rating on the bank’s certificates of deposit programme and Fixed Deposit Programme have also been reaffirmed at ‘A1+’ and ‘FAAA/Stable’ respectively. Besides, the bank’s Tier I Perpetual Bonds and Upper Tier II Bonds (under Basel II) have been revised to ‘AA-/Stable’ from ‘AA/Negative’.

The bank has reported a net loss of Rs 245.51 crore for second quarter ended September 30, 2013 as compared to a net profit of Rs 132.55 crore for the same quarter in the previous year. Total income of the bank has increased by 7.35% at Rs 6440.77 crore for quarter under review as compared to Rs 5999.75 crore for the quarter ended September 30, 2012.

Gross non-performing assets (NPAs) increased to 7.35% in the July-September quarter as against 4.65% in the same quarter previous year, while net NPAs stood to 5.17%.

Peers
Company Name CMP
State Bank Of India 945.10
PNB 121.00
Bank Of Baroda 233.00
Canara Bank 118.20
Union Bank Of India 184.00
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