Credit rating agency, ICRA has reaffirmed its existing rating of AA+ with negative outlook to Indian Overseas Bank’s (IOB) Lower Tier II Bonds under WDM segment. The rating agency has also reaffirmed its existing rating AA with negative outlook to the bank’s Upper Tier II Bonds and Tier I (perpetual bonds).
Recently, the bank revised its Base Rate downwards by 25 basis points (bps) from 10.50% per annum to 10.25% per annum with effect from February 18, 2013 from all advances linked to Base Rate.
The bank reported 7.60% rise in its net profit at Rs 116.50 crore for third quarter ended December 31, 2012 as compared to Rs 108.27 crore for the same quarter in the previous year. Total income of the bank increased by 16.58% at Rs 5846.98 crore for quarter under review as compared to Rs 5015.33 crore for the quarter ended December 31, 2011.
