Global rating agency, Moody’s Investors Service has downgraded Indian Overseas Bank’s (IOB) standalone Bank Financial Strength Rating (BFSR) from ‘D’ to ‘D-’ and revised the outlook from stable to negative. However, the rating agency has reaffirmed the Bank’s Baa3/Prime-3 foreign currency deposit ratings.
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. The bank’s gross NPA for the December 31, 2012 quarter of the current fiscal stood at 4.13%, lower as compared to 3.00% in the same quarter of the previous year. Besides, bank’s Net NPA remained lower at 2.33% in the quarter under review as against 1.23% in Q3FY12.
