Credit rating agency, CARE ratings has revised the ratings assigned to bank facilities of Bank of India. The credit rating agency has revised the Upper Tier-II Bonds rating from ‘AA+’ to ‘AA-‘ while the Innovative Perpetual Debt Instruments rating has been revised from ‘AA+’ to ‘AA-‘.
The bank has reported a net loss of Rs 1505.58 crore for the quarter ended December 31, 2015 as compared to net profit of Rs 173.38 crore for the same quarter in the previous year. The bank’s total income has decreased by 7.20% to Rs 11086.95 crore for the quarter under review from Rs 11947.45 crore for the corresponding quarter of the previous year.
Gross non-performing assets (NPAs) increased to 9.18% in the October- December quarter as against 4.07% in the same quarter previous year, while net NPAs stood at 5.25%.
