Rating agency, Moody’s Investors Service has assigned a Baa3 rating to IDBI Bank’s proposed issuance of long-term senior unsecured notes under its $1.5 billion Medium Term Note (GMTN) program. The rating agency has assigned ratings of (P)Ba2 to the bank’s Junior Subordinate MTN Program (foreign currency) while, the rating agency has also assigned ratings of P-3 to the bank’s short term bank deposits (domestic and foreign currency).
Earlier in August, IDBI Bank received ‘BBB-’ rating for its proposed issue of senior unsecured notes from Credit rating agency, Standard & Poor’s (S&P).
The bank posted a rise of 27.53% in its net profit at Rs 427.34 crore for the quarter ended June 30, 2012, as compared to Rs 335.10 crore for the same quarter in the previous year. Total income of the bank increased by 12% to Rs 6786.81 crore for the quarter under review as compared to Rs 6059.83 crore for the quarter ended June 30, 2011.
