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CARE reaffirms ‘AA+’ rating of Indian Overseas Bank's lower tier II bonds

29 Sep 2011 Evaluate

CARE has reaffirmed the ‘AA+’ rating assigned to Lower Tier II Bonds aggregating to Rs 1,050 crore of Indian Overseas Bank.

The rating factors in the majority ownership by Government of India (GoI) along with improvement in profitability and operational efficiency. The rating also factors adequate capitalization level of the bank, long standing track record of operations and strong presence in South India.

Indian Overseas Bank was established in 1937 in Chennai and is one of the larger public sector banks with sizeable footprint in South India. As on March 31, 2011, IOB had a network of 2,184 domestic branches with 6 overseas branches and 4 representative offices.

Peers
Company Name CMP
State Bank Of India 945.10
PNB 121.00
Bank Of Baroda 233.00
Canara Bank 118.20
Union Bank Of India 184.00
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