Credit rating agency, Brickwork Ratings has assigned BWR AA+ (Stable) rating to the Kolkata based public sector lender UCO Bank’s proposed tier - II bond issue worth Rs 1000 crore.
The rating has been assigned taking into account the financial performance of the bank, publicly available information and clarifications sought from the bank. The rating also factors government's higher stake in the bank at 65.19%, satisfactory credit growth and comfortable capitalisation.
At the end of September quarter banks business grew 24% year-on-year with equal growth in credit and deposits. However its NPA were at quite elevated levels with gross NPA rising to 4.88% from 3.64 an year ago while net NPA rose to 2.94% from 2.11%. Its provision coverage ratio (PCR) was less than 50% at 49.13%.
Company Name | CMP |
---|---|
SBI | 905.80 |
Canara Bank | 128.05 |
Bank Of Baroda | 296.65 |
PNB | 137.00 |
Union Bank Of India | 170.00 |
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